Chapter 1 Pp 2


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Chapter 1- pp 2

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Chapter 1 Pp 2

  1. 1. By: Heath Barnacascel Principles of Business Period 3 Economic Decisions and Systems
  2. 2. Opportunity Cost of moving to a new City <ul><li>Trying to decide which city to move to can be difficult </li></ul><ul><li>Some of the things you have to consider are: </li></ul><ul><li>How bad is the Traffic? </li></ul><ul><li>Gas Prices </li></ul><ul><li>Population </li></ul><ul><li>Wealth </li></ul><ul><li>How much do the houses cost? </li></ul><ul><li>Big or small city </li></ul><ul><li>Location (near water?/near land?) </li></ul>
  3. 3. Opportunity Cost of Choosing Colleges <ul><li>Choosing which colleges to apply to is always hard </li></ul><ul><li>Some of the things you should consider are: </li></ul><ul><li>Why do you want to go there (sports, academics) </li></ul><ul><li>How well is the academic program </li></ul><ul><li>Does it provide what you want to learn </li></ul><ul><li>Nice dorms or housing </li></ul><ul><li>location </li></ul>
  4. 4. Decision Making Process <ul><li>Define the Problem : Deciding whether or not to go to college or get a job after High School </li></ul><ul><li>Identify the Choices : You can get a OK job after High School or you can go to college and Get a good job after college </li></ul><ul><li>Evaluate : High School will not get you as good of a Job as going to College will </li></ul><ul><li>Choose one : Go to College </li></ul><ul><li>Act on your choice : Apply to a good College that will allow you to get a good Job </li></ul><ul><li>Review your Decision : Did you make the right decision?, Do you like the Results? Is it better than not going to College? </li></ul>
  5. 5. Command Economy <ul><li>Command Economy is when the resources are owned and controlled by the government </li></ul><ul><li>Former Soviet Union was an example of a Command Economy </li></ul><ul><li>A advantage is that it is government owned so everyone will get something from it </li></ul><ul><li>A disadvantage is that the government owns it so they decide the price and how much is given out </li></ul>
  6. 6. Market Economy <ul><li>In a Market economy, the resources are owned and controlled by the people of the country </li></ul><ul><li>Cuba has a Market Economy </li></ul><ul><li>An advantage is that the resources are owned by the people so if you know how to make it you don’t have to buy it </li></ul><ul><li>A disadvantage is that since the resources are owned by the people it might not be distributed well so they might run out quick </li></ul>
  7. 7. Capitalism <ul><li>Capitalism refers to the private ownership of resources by individuals, rather than by the government </li></ul><ul><li>United States of America is Capitalist </li></ul><ul><li>An advantage is that if you make it you own it </li></ul><ul><li>A disadvantage is that if you can’t provide for you and your family than you might not get anything </li></ul>
  8. 8. Communist Economy <ul><li>Communist Economy is the managed economy of a communist state </li></ul><ul><li>France </li></ul><ul><li>Advantage is that it is managed by the country or state </li></ul>