Basic Economic Concepts (1).ppt
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This document outlines some basic economic concepts including the three fundamental economic questions of what to produce, how to produce, and for whom to produce. It also defines the four factors of production as land, labor, capital, and entrepreneurship. Finally, it introduces key economic terms and concepts such as goods, services, value, utility, wealth, economic growth, division of labor, and scarcity.
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Basic Economic Concepts.ppt
This document introduces some basic economic concepts. It explains that there are 3 fundamental economic questions about what to produce, how to produce, and for whom to produce. It also outlines the 4 factors of production as land, labor, capital, and entrepreneurship. Finally, it defines some key terms and concepts in economics including scarcity, goods, services, utility, wealth, economic growth, and the division of labor.
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The document provides an overview of basic economic principles including:
1. Economics is the study of how people make choices with scarce resources. Societies must answer what, how, and for whom goods and services are produced.
2. The four factors of production are land, labor, capital, and entrepreneurship. Entrepreneurs take risks by combining factors of production to create new products and drive competition.
3. The US economy is a mixed economy that incorporates both private markets and government intervention to achieve goals like economic equity and security.
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This document provides an introduction to economics. It explains that economics is the study of how individuals and societies make decisions about how to use scarce resources to fulfill wants and needs. It discusses the key concepts of macroeconomics, which looks at big picture issues like growth and employment, and microeconomics, which examines how individuals make economic decisions. The document emphasizes that resources are limited, so societies must determine what to produce, how much to produce, how to produce it, who to produce for, and who gets to make these decisions. It introduces the concepts of needs versus wants, trade-offs, and opportunity costs to explain how scarcity requires individuals and societies to make choices about allocating resources.
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Economics is the study of how people make choices to satisfy unlimited wants and needs with limited resources. Scarcity means resources are insufficient to meet all human wants, so people must choose some things over others. The basic questions of economics are what, how, and for whom to produce goods and services. The goal of economics is to solve the problem of scarcity by studying how people allocate resources.
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2) The four factors of production are land, labor, capital, and entrepreneurship. Goods and services are produced using these factors.
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Basic Economic Concepts.ppt
This document introduces some basic economic concepts. It explains that there are 3 fundamental economic questions about what to produce, how to produce, and for whom to produce. It also outlines the 4 factors of production as land, labor, capital, and entrepreneurship. Finally, it defines some key terms and concepts in economics including scarcity, goods, services, utility, wealth, economic growth, and the division of labor.
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The document provides an overview of basic economic principles including:
1. Economics is the study of how people make choices with scarce resources. Societies must answer what, how, and for whom goods and services are produced.
2. The four factors of production are land, labor, capital, and entrepreneurship. Entrepreneurs take risks by combining factors of production to create new products and drive competition.
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The document discusses government intervention in markets through price ceilings and price floors. A price ceiling sets a maximum legal price for essential goods to make them affordable for consumers, with an example given of rent control apartments. A price floor sets a minimum legal price for goods to support producers, with an example of farm subsidies. The effects of rent control are shown to be excess demand and a reduced quantity and quality of housing. The effects of farm subsidies are excess supply. In general, price ceilings lead to shortages while price floors lead to surpluses.
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Government intervention aims to address market failures such as externalities and monopolies. However, intervention also risks government failure if policies are ineffective, damaging, or cause new problems. Governments use various methods including taxation, subsidies, and regulation. They also influence markets through policies on competition, ownership, poverty alleviation, and cost-benefit analysis to efficiently allocate resources and support equitable outcomes.
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The document discusses franchising, including its meaning, types, benefits, costs, and evaluation process. It provides definitions for key terms like franchisor and franchisee. The main points are:
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Different-Degrees-of-Price-Elasticity-of-Demand.pptx
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