There are three fundamental questions of economics: 1. WHAT is produced? 2. HOW is it produced? 3. WHO consumes what is produced?
|
|
- Allison Briggs
- 6 years ago
- Views:
Transcription
1 Economic Systems
2 There are three fundamental questions of economics: 1. WHAT is produced? 2. HOW is it produced? 3. WHO consumes what is produced?
3 WHAT is produced? If resources are limited Should a local government use resourced to build a new school, repair an old highway, or construct a new recreation center? Should American producers use resources to make goods for national defense or to provide services for retired people who are too old or ill to work? Should a farmer grow wheat, cotton, or lettuce?
4 HOW is it produced? How should we obtain crude oil to meet our energy needs? How much pollution should we allow firms to generate when producing goods? How should hogs be raised before they become food?
5 WHO consumes what is produced? Who should receive the limited supply of flu vaccinations? Who should benefit from the construction of a new school? Who should a shoe manufacturer market their product toward?
6 Who decides how to answer these questions? In the United States, consumers (people), producers (businesses), and governments (local, state, and federal) all have input. However, not all economic systems are alike in that respect.
7 So what is an economic system? economic system - a particular set of social institutions which deals with the production, distribution, and consumption of goods and services in a particular society.
8 So what is an economic system? All societies face the same fundamental questions of economics, but societies answer these questions in different ways. The way these questions are answered determines the the type of economic system of that society.
9 There are four basic economic systems: Traditional Command Market Mixed
10 Traditional Economy Key image: The Village Market The Bush Market by Anju Walters
11 Traditional Economy This is the oldest economic system. Tradition and custom govern economic decisions.
12 Traditional Economy Economic activities are usually centered toward the family, tribe, or ethnic group. Barter (trading one thing for another) is often used in place of currency (money).
13 Traditional Economy Farming, hunting, and gathering are done largely in the same fashion as the generation before.
14 Traditional Economy There is little to no use of technology.
15 Traditional Economy Choices are determined largely by environmental factors.
16 Traditional Economy Resources are often allocated based on inheritance.
17 Traditional Economy Advantages: Little friction among members because there is little competition Individual roles are clearly defined System is generally wellunderstood by participants Disadvantages: Does not allow for growth and development Changes are slow There is little social mobility (your role is determined by birth Does not take advantage of technology Individuals often have no control over environmental factors
18 Market Economy Key Image: Kid in a Superduper market Key terms: Competition Individual Choice
19 Market Economy - Healthy Competition Profit is the primary objective of production. Competition determines price and increases the quality of products.
20 Market Economy - Healthy Competition
21 Market Economy - Healthy Competition The absence of competition is an economic system is called a monopoly. Because monopolies leave consumers with no choice, monopolies typically lead to higher prices and lower quality.
22 Market Economy - It s all about the INDIVIDUAL Economic decisions are made by INDIVIDUALS competing to earn profits based on supply and demand.
23 Market Economy - It s all about the INDIVIDUAL Resources are owned by INDIVIDUALS.
24 Market Economy - It s all about the INDIVIDUAL INDIVIDUAL freedom is considered very important; individuals have freedom to make economic decisions.
25 Market Economy - It s all about the INDIVIDUAL INDIVIDUALS can choose between a variety of products and producers.
26 Market Economy - Pros and Cons Advantages: Prices are determined by market forces (supply and demand); competition brings down prices. Consumers can buy whatever they like in whatever quantities they like. There is a great variety of goods and services. Little government intervention. Adjusts to change easily.
27 Market Economy - Pros and Cons Disadvantages: It does not always provide the basic needs of everyone in society, which can lead some people to slip into poverty. It may make it difficult for government to provide adequate social services. There are occasional market fluctuations and even failures. People can make choices which are harmful to themselves and others.
28 Command Economy Key Image: Minions at work Key Terms: Collective Government Quota
29 Command Economy - We re all in this together. The focus is on the collective (the good of society as a whole, or the greatest good for the greatest number). Individual freedom is not as important and individuals have little, if any, influence over economic functions.
30 Command Economy - We re all in this together. There is no competition; the purpose of business is to provide goods and services, not to make a profit.
31 Command Economy - We re all in this together. Factories are concerned with quotas official limits on the number or amount of people or things that are allowed.
32 Command Economy - Who s in Charge? Resources are owned by the government. The government (or other central authority) makes all economic decisions. The government sets the prices of goods and services.
33 Command Economy - Advantages It can ensure stability because it does not coincide with business cycles. It focuses on equality, serving people collectively instead of as individuals and distributing wealth among all in society. The products produced fulfill needs; there is little waste or excess.
34 Command Economy - Disadvantages Often there is insufficient resource distribution, i.e. shortages and/or surpluses. It cannot determine society s objectives and consumer s preferences as well as a Market Economy can. It cannot easily adjust to change.
35 Command Economy - Disadvantages It infringes on personal freedoms. Consumers have few, if any, choices in the marketplace. There are few, if any, incentives for innovation. It often leads to corruption among state planners.
36 Mixed Economy Key Image: Liger The Mixed Economy is a hybrid blend of economic systems.
37 Mixed Economy Combines elements of pure market and command economies; Government and individuals share the economic decision making process.
38 Mixed Economies The government guides and regulates production of goods and services.
39 Mixed Economies The government guides and regulates production of goods and services.
40 Mixed Economies The government guides and regulates production of goods and services.
41 Mixed Economy Resources are owned by individuals.
42 Mixed Economy Government serves to protect both producers and consumers from unfair policies and practices.
43 Mixed Economy - Pros and Cons Advantages: It has some advantages of both the Market and Command systems. It can focus on social welfare and political freedom as well as individual liberties.
44 Mixed Economy - Pros and Cons Disadvantages: It has many of the same disadvantages of both the Market and Command systems. It may not lead to an optimal use of resources. Government intervention can hinder progress.
Comparing Economic Systems
Comparing Economic Systems Overview In this lesson, students will discuss how different societies answer the same fundamental economic questions by comparing various economic systems. Grade 10 NC Essential
More informationEconomic Systems Identified E0-7
Economic Systems Identified E0-7 Traditional Economy Advantages No tension over competition Roles of individual clearly defined Easy for people to understand what they should do. Traditional Economy Disadvantages
More informationECONOMIC UNDERSTANDINGS
ECONOMIC UNDERSTANDINGS SS6E1 The student will analyze different economic systems. a. Compare how traditional, command, and market economies answer the economic questions of 1-what to produce, 2-how to
More informationEconomic Systems. Economies and Circular Flow
Economies and Circular Flow Every society must answer three questions: The Three Economic Questions 1. What goods and services should be produced? 2. How should these goods and services be produced? 3.
More informationCOURSE: Introduction to Business GRADE(S): 9-12
COURSE: Introduction to Business GRADE(S): 9-12 UNIT: Allocation of Resources TIMEFRAME: 90 Days 1 COURSE: Introduction to Business GRADE(S): 9-12 UNIT: Economic Systems TIMEFRAME: 90 Days NBEA STANDARDS:
More information1. Define: Cottage Industry a business or manufacturing activity carried on in a person's home. Traditional Economy Less Developed Countries Weaving
1. Define: Cottage Industry a business or manufacturing activity carried on in a person's home. Traditional Economy Less Developed Countries Weaving Tool/weapon building Pottery Crafts 1. Define: Life
More informationThe Four Questions 8th Grade Social Studies GLE #49 Copyright 2008 by Paul Blankenship Some rights reserved See
The Four Questions 8th Grade Social Studies GLE #49 Copyright 2008 by Paul Blankenship Some rights reserved See http://www.paulblankenship.com for Creative Commons license 1 Grade-Level Expectation Economics
More informationChapter 2: Economic Systems. 1. Answering three Economic Questions. 2. The Free Market 3. Centrally Planned Economics 4.
1 Chapter 2: Economic Systems 1. Answering three Economic Questions? 2. The Free Market 3. Centrally Planned Economics 4. Mixed Economics 1. Answering three Economic Questions What goods and services should
More informationTYPES OF ECONOMIC SYSTEMS
TYPES OF ECONOMIC SYSTEMS MARKET ECONOMY Economic decisions are made in the marketplace according to the laws of supply and demand. MARKET ECONOMY PRICE: The amount of money given or asked for when goods
More informationEconomic Systems. E.Q: What are the 3 questions each country must answer to decide on its economic system?
Economic Systems E.Q: What are the 3 questions each country must answer to decide on its economic system? Different Economic Systems Scarcity refers to the limited supply of something Every country must
More informationChapter 2: Economic Systems
2-1 Summary: Fill in the missing words. Because economic resources are limited, a country must answer three key economic questions. These are: 1)? 2)? 3)? In answering these questions, societies must consider
More informationMultiple Choice Identify the letter of the choice that best completes the statement or answers the question.
Final day one Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. What is a factory building an example of? a. human capital c. an economic trade-off
More informationEconomics. E.1.4 Describe how people respond predictably to positive and negative incentives.
Standard 1: Scarcity and Economic Reasoning Students will understand that productive resources are limited; therefore, people cannot have all the goods and services they want. As a result, they must choose
More informationChapter 6:3: The Role of Prices
Chapter 6:3: The Role of Prices In this section, we will see how prices affect consumer behavior and how producers respond. 1Co_6:20 For ye are bought with a price: therefore glorify God in your body,
More informationYear 11 Economics Revision Questions
Year 11 Economics Revision Questions 1. What is the economic problem? The economic problem is trying to allocate our limited resources for the satisfaction of our limited and competing wants. It involves
More informationWhat is an Economic System?
Economic Systems What is an Economic System? Economic system: how society uses resources to satisfy people s wants Seeks to answer the three economic questions: What to produce? How to produce it? For
More informationCHAPTER 2: ECONOMIC SYSTEMS how each society answers the three fundamental questions of what, how, and for whom to produce
CHAPTER 2: ECONOMIC SYSTEMS how each society answers the three fundamental questions of what, how, and for whom to produce Note that there are as many real-world economic systems as there are nations,
More informationM13/3/ECONO/SP2/ENG/TZ0/XX/M MARKSCHEME. May 2013 ECONOMICS. Standard Level. Paper pages
M13/3/ECONO/SP2/ENG/TZ0/XX/M MARKSCHEME May 2013 ECONOMICS Standard Paper 2 18 pages 2 M13/3/ECONO/SP2/ENG/TZ0/XX/M This markscheme is confidential and for the exclusive use of examiners in this examination
More information2. Which of the following is a distinguishing feature of a market system? A. public ownership of all capital.
Practice Test Chapter 2 1. Which of the following is a distinguishing feature of a command system? A. private ownership of all capital. B. central planning. C. heavy reliance on markets. D. wide-spread
More informationBy Himashi De Mel BA (Hons),CIMA Passed Finalist
By Himashi De Mel BA (Hons),CIMA Passed Finalist No economy ever stands still. Sir Roy Harrod, The British Economy Definition of Economy The large set of inter-related economic production and consumption
More informationA Correlation of. To the Mississippi College- and Career- Readiness Standards Social Studies
A Correlation of To the 2018 Mississippi College- and Career- Readiness Standards Social Studies Table of Contents E.1... 3 E.2... 6 E.3... 7 E.4... 11 E.5... 15 E.6... 19 E.7... 24 E.8... 26 E.9... 28
More informationUnit 2 Economics. Chapter 3 Political and Economic Analysis Chapter 4 Global Analysis
Unit 2 Economics Chapter 3 Political and Economic Analysis Chapter 4 Global Analysis Chapter 3 Political and Economic Analysis Section 3.1 What Is an Economy? Section 3.2 Understanding the Economy What
More informationFACTORS INFLUENCING SUCCESS IN SENEGAL'S VILLAGE-BASED TREE NURSERIES. Thérèse Glowacki & Dr David Cleaves
FACTORS INFLUENCING SUCCESS IN SENEGAL'S VILLAGE-BASED TREE NURSERIES Thérèse Glowacki & Dr David Cleaves INTRODUCTION In land-scarce environments such as Senegal, social forestry holds great promise for
More informationThe Foundations of Economics. Chapter 1
The Foundations of Economics Chapter 1 A Social Science Study of people in society and how they interact with each other Earth= Finite have limited resources use resources to produce goods and services
More informationTypes of Economic Systems
Name: Period: Types of Economic Systems What is an Economy? Economy: or exchange of goods and services by a group : things to be traded, bought, or sold : work done in exchange for payment : work force,
More informationMilestone Review Governments and Economics Terms
Milestone Review Governments and Economics Terms Completing the following Milestone Review daily and it will be counted as a 100 point test grade when you turn it in after the Milestones. (Due Date will
More informationUnit 1: Fundamental Concepts. Types of Economic Systems. Types of Economic Systems
Unit 1: Fundamental Concepts 1-2 Economic Systems 1 Ch. 2 Types of Economic Systems An economic system is the way in which a society uses its resources to satisfy its people s unlimited wants. An economic
More informationBemidji Area Schools Academic Standards in. Social Studies
Bemidji Area Schools - Social Studies 2013 Tables of s Social Studies II Senior Economics Grades - Students in high school (grades -) pursue in-depth study of social studies content that equips them with
More informationCE.11 The student will demonstrate knowledge of how economic decisions are made in the marketplace by
Objectives CE.11 The student will demonstrate knowledge of how economic decisions are made in the marketplace by a) applying the concepts of scarcity, resources, choice, opportunity cost, price, incentives,
More information2, 1 EE CONOMIC SYSTEMS
2, 1 For use with textbook pages 31 38 EE CONOMIC SYSTEMS KEY TERMS economic system The way in which a nation uses its resources to satisfy its people s needs and wants (page 31) traditional economy A
More informationGanado Unified School District (Insert Subject/Grade Level) PACING Guide SY
Ganado Unified School District (Insert Subject/Grade Level) PACING Guide SY 2018-2019 Timeline & Q1 Concept 1: Foundations of Economics The foundations of economics are the application of basic economic
More informationChapter 2 Notes Section 1 Economic Systems. Three Types of Economies: Traditional, Command and Market
Chapter 2 Notes Section 1 Economic Systems Three Types of Economies: Traditional, Command and Market Traditional: Individuals make decisions based on what is habit and custom Incentive to work hard is
More information8/31/09. Understanding economic resources and economic systems is essential to lessening economic problems.
Chapter 2 Economic Resources and Systems pp. 18-33 Back to Table of Contents Introduction to Business, Economic Resources and Systems Slide 2 of 64 Understanding economic resources and economic systems
More information(cl Economic concept necessitating choices and priorities in any ~ociety:
NAME---------------------------------- CLASS -------- DATE ------------- A. As You Read As you read Section 1, supply the missing information about economic systems in the spaces provided. 1. Three economic
More informationBecause economic resources are limited, every society must answer the three key economic questions:
Unit One CA Thus far we have learned that scarcity forces societies and nations to answer some hard economic questions. Different economic systems have evolved in response to the problem of scarcity. An
More informationTen Principles of Economics
Wojciech Gerson (1831-1901) Seventh Edition Principles of Economics N. Gregory Mankiw CHAPTER 1 Ten Principles of Economics In this chapter, look for the answers to these questions What kinds of questions
More informationTen Principles of Economics
Wojciech Gerson (1831-1901) Seventh Edition Principles of Macroeconomics N. Gregory Mankiw The principles of HOW PEOPLE MAKE DECISIONS CHAPTER 1 Ten Principles of Economics lithian/shutterstock.com In
More informationFoundations Series Economics 2010
A Correlation of Pearson Foundations Series 2010 To the Minnesota Grades 9-12 Academic Standards in Social Studies A Correlation of Foundations Series:, 2010 Table of Contents 2.... 4 3. Fundamental Concepts...
More informationCurriculum Standard One: The students will understand common economic terms and concepts and economic reasoning.
Curriculum Standard One: The students will understand common economic terms and concepts and economic reasoning. *1. The students will examine the causal relationship between scarcity and the need for
More informationEconomics DESCRIPTION. EXAM INFORMATION Items
EXAM INFORMATION Items 58 Points 60 Prerequisites NONE Course Length ONE SEMESTER DESCRIPTION This course focuses on the study of economic problems and the methods by which societies solve them. Characteristics
More information2.1 Economic Questions
2.1 Economic Questions Objectives and Economic Systems Objectives Identify the three questions that all economic systems must answer. Describe a pure market economy, and identify its problems. Describe
More informationEconomics DESCRIPTION. EXAM INFORMATION Items
EXAM INFORMATION Items 58 Points 60 Prerequisites NONE Grade Level 10-12 Course Length ONE SEMESTER DESCRIPTION This course focuses on the study of economic problems and the methods by which societies
More informationTotal Test Questions: 80 Levels: Grades Units of Credit:.50
DESCRIPTION This course focuses on the study of economic problems and the methods by which societies solve them. Characteristics of the market economy of the United States and its function in the world
More informationUnit 2 Supply and Demand
Unit 2 Supply and Demand Microeconomics - analyzes the Small Unit economic behavior of Individuals, Households and Firms to understand their decision-making process. -America s Free Enterprise- An economy
More informationChapter 1 Economic Decisions and Systems
Needs Food Shelter Clean Air Water Clothing Wants Jewelry Big House New Shoes Movies Chapter 1 Economic Decisions and Systems Section 1.1 - Satisfying Needs and Wants 1 things that are required in order
More informationD AY 5 M O N D AY, J A N U A RY 1 1 TH
ECONOMICS D AY 5 M O N D AY, J A N U A RY 1 1 TH OPENER: DAY 5 - MONDAY, JANUARY 11 TH Crash Course - Economic Systems WHAT DID WE LEARN YESTERDAY? Economic Systems An economic system is a system of production
More informationEconomic Growth: Chapter 8, Section 1
Economic Growth: Chapter 8, Section 1 Geography shapes the physical, economic, and political challenges a region faces. New technology produced the Industrial Revolution. The Growth of Industry Main Idea:
More information1 Ten Principles of Economics CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 0
1 Ten Principles of Economics CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 0 In this chapter, look for the answers to these questions: What kinds of questions does economics address? What are the principles of
More informationAGS Economics Michigan High School Content Expectations for Economics
AGS 2005 Correlated to Michigan High School Content Expectations for 5910 Rice Creek Pkwy, Suite 1000 Shoreview, MN 55126 Copyright 2007 Pearson Education, Inc. or its affiliate(s). All rights reserved.
More informationMacroeonomics. Ten Principles of Economics. In this chapter, look for the answers to these questions: What Economics Is All About. N.
C H A P T E R 1 In this chapter, look for the answers to these questions: Ten Principles of Economics P R I N C I P L E S O F Macroeonomics N. Gregory Mankiw Premium PowerPoint Slides by Ron Cronovich
More informationExploring the World of Business and Economics
Chapter 1 Exploring the World of Business and Economics 1 Discuss what you must do to be successful in the world of business. 2 Define business and identify potential risks and rewards. 3 Define economics
More informationHow is it decided which goods and services will be produced, how they will be produced, and who will buy them?
Chapter 2: The Market System and Circular Flow Learning objectives: Differentiate between laissez-faire capitalism, the command system and the market system. List the main characteristics of the market
More informationLECTURE NOTES FOR AREC 304: INTERMEDIATE PRODUCTION AND CONSUMPTION ANALYSIS PROFESSOR BRUCE R. BEATTIE
LECTURE NOTES FOR AREC 304: INTERMEDIATE PRODUCTION AND CONSUMPTION ANALYSIS PROFESSOR BRUCE R. BEATTIE Department of Agricultural & Resource Economics University of Arizona Tucson, AZ 85721 2 Table of
More informationCURRICULUM COURSE OUTLINE
CURRICULUM COURSE OUTLINE Course Name(s): Grade(s): 11-12 Department: Course Length: Pre-requisite: Microeconomics Social Studies 1 Semester Teacher Approved Textbook/Key Resource: McConnell and Brue Microeconomics
More information1. Economic systems differ according to what two main characteristics? A. Ownership of resources and methods of coordinating economic activity.
Essentials of Economics 3rd Edition Brue Test Bank Full Download: http://testbanklive.com/download/essentials-of-economics-3rd-edition-brue-test-bank/ Chapter 02 The Market System and the Circular Flow
More informationKULLEĠĠ SAN BENEDITTU Boys Secondary, Kirkop
KULLEĠĠ SAN BENEDITTU Boys Secondary, Kirkop Mark HALF-YEARLY EXAMINATION 2012/13 Track 3 (JL) FORM 4 BUSINESS STUDIES TIME: 1h 30min Section 1 2 3 4 5 6 Global Mark Max. Mark 10 20 20 20 20 10 Mark DO
More informationChapter 02 Economic Systems, Resource Allocation, and Social Well-Being: Lessons from China's Transition
Chapter 02 Economic Systems, Resource Allocation, and Social Well-Being: Lessons from China's Transition Multiple Choice Questions 1. Which of the following descriptions fits the American economy best?
More informationExternalities and the Environment
Externalities and the Environment What is an Externality? When a person/firm does something that affects the interests of another person or firm without affecting prices. Examples: Traffic/telephone/internet
More informationAnnouncements. Please pick up the course outline and notes from the back.
Day #1 1/26-29 Announcements Please pick up the course outline and notes from the back. Corny Jokes 1. How did the octopus beat the shark in a fight? BECAUSE THEY WERE WELL-ARMED! 2. What is the best thing
More informationDistrict Test Review answers are at the end of the test
District Test Review answers are at the end of the test Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Cars and automobile insurance are examples of:
More information(b) Assess the usefulness of the components of the circular flow of income to compare different countries standard of living.
Question 4 4 (a) Explain how the relative importance of the components of the circular flow of income for a small and open economy might be different from a large and less open economy. (b) Assess the
More informationUNITARY SYSTEM. (Levels of Government) If one central government runs the nation, the system is said to be a
UNITARY SYSTEM (Levels of Government) If one central government runs the nation, the system is said to be a unitary system. The central government makes laws for the entire nation; local governments have
More informationCHAPTER 2 The Market System and the Circular Flow
Microeconomics 21st Edition McConnell Test Bank Full Download: http://testbanklive.com/download/microeconomics-21st-edition-mcconnell-test-bank/ CHAPTER 2 The Market System and the Circular Flow A. Short-Answer,
More informationPART I INTRODUCTION TO ECONOMICS
PART I INTRODUCTION TO ECONOMICS 2 PART I INTRODUCTION TO ECONOMICS 2 The Economic Problem: Scarcity and Choice Asst. Prof. Dr. Serdar AYAN 2009 Pearson Education, Inc. Publishing as Prentice Hall Principles
More informationEconomic Systems, Resource Allocation, and Social Well-Being
Chapter 02 Economic Systems, Resource Allocation, and Social Well-Being Multiple Choice Questions 1. Which of the following descriptions fits the American economy best? A. A pure market economy B. A mixed
More informationChapter 3 Political and Economic Analysis
Graphic Organizer Answer Key Section 3.1 What Is an Economy? Graphic Organizer Answer Directions In this diagram, record similarities and differences among market and command economies. Market Economy
More informationGrades Prentice Hall. Economics Georgia Performance Standards, Economics. Grades 9-12
Prentice Hall Economics 2010 Grades 9-12 C O R R E L A T E D T O Georgia Performance Standards, Economics Grades 9-12 FORMAT FOR CORRELATION TO THE GEORGIA PERFORMANCE STANDARDS Subject Area: Economics
More informationTaking Risks and Making Profits within the Dynamic Business Environment
Chapter One Taking Risks and Making Profits within the Dynamic Business Environment McGraw-Hill/Irwin Copyright 2010 by the McGraw-Hill Companies, Inc. All rights reserved. NICK GRAHAM Main Street Market
More informationCORRELATION OF EMC ECONOMICS: NEW WAYS OF THINKING 2011 TO THE GEORGIA PERFORMANCE STANDARDS. Subject Area: Economics State-Funded Course: Economics
CORRELATION OF EMC ECONOMICS: NEW WAYS OF THINKING 2011 TO THE GEORGIA PERFORMANCE STANDARDS Subject Area: Economics State-Funded Course: Economics Textbook Title: Economics: New Ways of Thinking Publisher:
More informationEconomics Guided Reading Chapter Two Economic Systems Section 1 Answering the Three Economic Questions
Name: Date: Block # Economics Guided Reading Chapter Two Economic Systems Section 1 Answering the Three Economic Questions Directions Following the page and heading prompts to read your Economics textbook
More informationYou and Your Money Curriculum Map
Grades k-1 Financial Literacy Human Resources Economics Topic: Thrifty Spending Topic: Jobs and Money Topic: Basic Economics 1. People make decisions every day to satisfy wants. Other people are influenced
More informationTen Principles of Economics
C H A P T E R 1 Ten Principles of Economics Economics P R I N C I P L E S O F N. Gregory Mankiw Premium PowerPoint Slides by Ron Cronovich 2009 South-Western, a part of Cengage Learning, all rights reserved
More informationEdexcel (B) Economics A-level
Edexcel (B) Economics A-level Theme 1: Markets, Consumers and Firms 1.5 Market Failure and Government Intervention 1.5.2 Government intervention and failure Notes Purposes of intervention with reference
More information7. ( ) Traditional Chinese agriculture was characterized by high land intensity high labor intensity high capital intensity a high export ratio
Modern China Economics Midterm Examination 2012/4/20 I. Multiple Choice Questions. Choose the most appropriate answer to each question. All questions refer to China unless mentioned otherwise. Answer all
More informationOne Stop Shop For Educators. Economics
Economics The economics course provides students with a basic foundation in the field of economics. The course has five sections: fundamental concepts, microeconomics, macroeconomics, international economics,
More informationMicroeconomics. Ten Principles of Economics. Principles of. N. Gregory Mankiw. Sixth Edition. Premium PowerPoint Slides by Ron Cronovich
N. Gregory Mankiw Microeconomics Principles of Sixth Edition 1 Ten Principles of Economics Premium PowerPoint Slides by Ron Cronovich In this chapter, look for the answers to these questions: What kinds
More informationCapitalism: Meaning, Features, Merits and De-Merits
Capitalism: Meaning, Features, Merits and De-Merits Meaning of Capitalism: Definition: Under capitalism, all farms, factories and other means of production are the property of private individuals and firms.
More informationEconomic Systems and Decision Making Chapter 2
Economic Systems and Decision Making Chapter 2 I Economic Systems A. Objectives: 1. Describe the characteristics of the traditional economy. 2. Explain the strengths and weaknesses of the command economy.
More informationTen Principles of Economics
C H A P T E R 1 Ten Principles of Economics Economics P R I N C I P L E S O F N. Gregory Mankiw Premium PowerPoint Slides by Ron Cronovich 2009 South-Western, a part of Cengage Learning, all rights reserved
More informationSection I (20 questions; 1 mark each)
Foundation Course in Managerial Economics Examination Marks- 100, Time 3 hours Section I (20 questions; 1 mark each) 1. Which of the following statements is not true: a. Rich countries also face problems
More informationChapter 5. Introduction. Learning Objectives. Public Spending and Public Choice. Why have shortages existed in markets for vaccines?
Chapter 5 Public Spending and Public Choice Introduction Why have shortages existed in markets for vaccines? Why might the government have a role in trying to correct this situation? Copyright 2008 Pearson
More informationDiscuss the characteristics of a private enterprise system. Describe the economic freedoms that exist in a private enterprise system.
Every society develops a system for making decisions about how it will use its resources to meet the needs and wants of its people. Each of these economic systems must answer these three basic questions:
More informationThe principles of HOW PEOPLE MAKE DECISIONS
1 Ten Principles of Economics P R I N C I P L E S O F MICROECONOMICS FOURTH EDITION N. GREGORY MANKIW Premium PowerPoint Slides by Ron Cronovich 2007 update 2008 Thomson South-Western, all rights reserved
More informationESSENTIALS OF BUSINESS
ESSENTIALS OF BUSINESS Topic 01 Introduction to Business Introduction to Business The word business is actually derived from the idea of busy-ness. This idea of busy-ness quite accurately describes most
More information8/19/2011. Taking Risks and Making Profits within the Dynamic Business Environment. NICK GRAHAM Main Street Market. GOODS and SERVICES
Chapter One Taking Risks and Making Profits within the Dynamic Business McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. NICK GRAHAM Main Street Market A 17-year-old
More informationSocial Studies Curriculum Guide GRADE 12 ECONOMICS
Social Studies Curriculum Guide GRADE 12 ECONOMICS It is the policy of the Fulton County School System not to discriminate on the basis of race, color, sex, religion, national origin, age, or disability
More informationECONOMICS- The study of the ways societies choose to use their limited resources.
ECONOMICS ECONOMICS- The study of the ways societies choose to use their limited resources. SCARCITY- Goods and services are not available in unlimited amounts. OPPORTUNITY COST: We must decide to give
More informationEOCT Test Semester 2 final
EOCT Test Semester 2 final 1. The best definition of Economics is a. The study of how individuals spend their money b. The study of resources and government c. The study of the allocation of scarce resources
More informationEconomic efficiency. Who gains and who loses when prices change?
Economic efficiency Who gains and who loses when prices change? 1 The Efficiency of Competitive Markets Economic Surplus and Economic Efficiency Economic efficiency A market outcome in which the marginal
More informationINCENTIVE PRICE REGULATION
INCENTIVE PRICE REGULATION dr. Péter Kaderják Director, REKK NARUC Training on Tariff Development and Utility Regulation May 7-11, 2007, Baku, Azerbaijan COST-PLUS REGULATION AND SOFT BUDGET CONSTRAINT
More informationChapter 6: Prices Section 1
Chapter 6: Prices Section 1 Key Terms equilibrium: the point at which the demand for a product or service is equal to the supply of that product or service disequilibrium: any price or quantity not at
More informationAll of this was about to change. Industrialization was coming!!
England in 1700: Was a rural, agricultural society. Most people lived on farms. They grew their own food, made their own clothing and worked hard Most people were poor and, if harvest failed, they risked
More informationExploring the World of Business and Economics
Chapter One Exploring the World of Business and Economics Copyright Cengage Learning. All rights reserved. 1 1 Learning Objectives 1. Discuss your future in the world of business. 2. Define business and
More informationIn today's society other needs include:
Unit 1 Needs are essential Everyone Needs food & water Clean air Shelter In today's society other needs include: Good education Employment Safety Wants add to the quality of life Most products purchased
More informationEconomics. East Poinsett County School District
Economics East Poinsett County School District Economics: Third Quarter Strand: Economic Fundamentals Content Standard 1: Students shall examine scarcity and choice. EF.1.E.1 Explain the role scarcity
More informationEconomics for Everyone
Economics for Everyone Introduction to the basic concepts/definitions of economics and economic systems Mercantilism leads to Capitalism As Trade increased following the Age of Exploration A transition
More informationMarket System. and purchase goods & services to satisfy material wants
2 primary decision makers in market system: Market System Households (consumers) economic unit of one or more persons that provide resources and purchase goods & services to satisfy material wants Firms
More informationEdexcel (A) Economics A-level
Edexcel (A) Economics A-level Theme 3: Business Behaviour & the Labour Market 3.6 Government Intervention 3.6.1 Government intervention Notes Government intervention to control mergers: The Competition
More informationUnit 2 Supply and Demand
Unit 2 Supply and Demand -Study Guide- Answer, Explain and define the following: 1) Demand 2) Consumer 3) Supply 4) Producer 5) Subsidy 6) Give examples of goods that would have inelastic demand 7) Give
More informationGACE Economics Assessment Test at a Glance
GACE Economics Assessment Test at a Glance Updated June 2017 See the GACE Economics Assessment Study Companion for practice questions and preparation resources. Assessment Name Economics Grade Level 6
More information