Economics review
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This document provides an overview of key economic concepts including: - Defining economics as the science dealing with production, distribution, and consumption of goods and services. - Explaining the basic questions of what, how, and for whom to produce that different economies address. - Describing the four main types of economic systems - market, command, traditional, and mixed - and their characteristics. - Stating that most countries have mixed economies that combine elements of different systems like market and command economies.
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Economics reviewer
This document provides an overview of key economic concepts including:
- Definitions of economics as the study of human behavior in making choices about goods and services.
- Theories of Malthus, Maslow, and scarcity of resources.
- Microeconomics focuses on individual decision making units while macroeconomics examines aggregate variables like GDP.
- Positive economics seeks to understand economic systems without judgment, while normative economics makes prescriptions.
- The circular flow diagram shows income and payments between households and firms.
Economics problems and the PPC
The document discusses several key economic problems that arise due to scarcity of resources:
i) Allocation of scarce resources - What and how much of each good to produce?
ii) Choice of production method - Which technology and combination of resources to use?
iii) Distribution of output - How to share the total output among individuals and classes?
iv) Economic efficiency - Using resources in the most efficient way to maximize output.
The Production Possibility Curve illustrates the tradeoffs and scarcity choices a society must make between allocating resources to different goods.
Introduction to microeconomics - Mukonda F
This document provides an introduction to microeconomics concepts. It defines microeconomics as dealing with the behavior and decision-making of small units like individuals and firms. The key concepts discussed include: scarcity and opportunity cost and how they relate to the production possibilities curve; the factors of production and their productivity; different economic systems and the basic questions they address; and supply and demand as determinants of price and resource allocation.
Economics concepts
The document defines key economic concepts including scarcity, opportunity cost, specialization, markets, supply and demand, monetary policy, fiscal policy, and economic growth. Resources are limited so people must make choices, and choosing one alternative means forgoing the next best option or opportunity cost. Specialization and trade allow people and countries to focus on specific production and gain from interdependence. Markets facilitate exchange through the interaction of supply and demand which determine prices. Governments influence the economy through monetary policy, fiscal policy, and other economic policies and institutions with goals of stability, employment, and growth.
Introduction Microeconomics
- Microeconomics is the study of individual units in an economy such as consumers and producers. It examines how scarce resources are allocated among competing ends.
- An economy is a system by which people obtain their living. There are three main types of economies: capitalist/market economies where production is privately owned, socialist/planned economies where production is centrally planned by the government, and mixed economies that have aspects of both.
- In a market economy, private individuals own resources and means of production, while in a planned economy the government owns and controls production. The key economic problem arises from scarcity of resources relative to unlimited wants, forcing choices between alternative uses of limited resources.
BUS106 wk2 ch2 how economic issues affect business
BUS106 How Economic Issues Affect Business - from UNDERSTANDING CANADIAN BUSINESS, 7th Canadian Edition (custom publication for Seneca) ; published by McGraw-Hill
Introduction of microeconomic
This document provides an introduction to microeconomics, including:
1) Microeconomics is the study of how individuals and small economic units make choices with limited resources. It examines choices by consumers, businesses, and individuals.
2) Basic microeconomic concepts include scarcity, choice and opportunity cost. Scarcity means wants exceed resources, requiring choices between alternatives. Opportunity cost is the next best alternative forgone in making a choice.
3) Factors of production are resources used in the production of goods and services, including labor, capital, land and entrepreneurship. The production possibilities curve illustrates scarcity, choice and opportunity cost through different combinations of two goods an economy can produce.
Chapter 1 Microeconomics Intro
The document provides an overview of key economic concepts including:
1) Economics is the study of how scarce resources are allocated to satisfy unlimited wants.
2) Microeconomics examines decision-making of individuals and firms while macroeconomics looks at the whole economy.
3) Ceteris paribus means all other things remain equal while one variable is changed.
4) Scarcity, choice, opportunity cost, and the factors of production (land, labor, capital and entrepreneurship) are basic economic concepts.
5) Graphs, marginal analysis, production possibilities curves, technology, and the three basic economic problems (what, how, and for whom to produce) are also introduced.
Recommended
Economics reviewer
This document provides an overview of key economic concepts including:
- Definitions of economics as the study of human behavior in making choices about goods and services.
- Theories of Malthus, Maslow, and scarcity of resources.
- Microeconomics focuses on individual decision making units while macroeconomics examines aggregate variables like GDP.
- Positive economics seeks to understand economic systems without judgment, while normative economics makes prescriptions.
- The circular flow diagram shows income and payments between households and firms.
Economics problems and the PPC
The document discusses several key economic problems that arise due to scarcity of resources:
i) Allocation of scarce resources - What and how much of each good to produce?
ii) Choice of production method - Which technology and combination of resources to use?
iii) Distribution of output - How to share the total output among individuals and classes?
iv) Economic efficiency - Using resources in the most efficient way to maximize output.
The Production Possibility Curve illustrates the tradeoffs and scarcity choices a society must make between allocating resources to different goods.
Introduction to microeconomics - Mukonda F
This document provides an introduction to microeconomics concepts. It defines microeconomics as dealing with the behavior and decision-making of small units like individuals and firms. The key concepts discussed include: scarcity and opportunity cost and how they relate to the production possibilities curve; the factors of production and their productivity; different economic systems and the basic questions they address; and supply and demand as determinants of price and resource allocation.
Economics concepts
The document defines key economic concepts including scarcity, opportunity cost, specialization, markets, supply and demand, monetary policy, fiscal policy, and economic growth. Resources are limited so people must make choices, and choosing one alternative means forgoing the next best option or opportunity cost. Specialization and trade allow people and countries to focus on specific production and gain from interdependence. Markets facilitate exchange through the interaction of supply and demand which determine prices. Governments influence the economy through monetary policy, fiscal policy, and other economic policies and institutions with goals of stability, employment, and growth.
Introduction Microeconomics
- Microeconomics is the study of individual units in an economy such as consumers and producers. It examines how scarce resources are allocated among competing ends.
- An economy is a system by which people obtain their living. There are three main types of economies: capitalist/market economies where production is privately owned, socialist/planned economies where production is centrally planned by the government, and mixed economies that have aspects of both.
- In a market economy, private individuals own resources and means of production, while in a planned economy the government owns and controls production. The key economic problem arises from scarcity of resources relative to unlimited wants, forcing choices between alternative uses of limited resources.
BUS106 wk2 ch2 how economic issues affect business
BUS106 How Economic Issues Affect Business - from UNDERSTANDING CANADIAN BUSINESS, 7th Canadian Edition (custom publication for Seneca) ; published by McGraw-Hill
Introduction of microeconomic
This document provides an introduction to microeconomics, including:
1) Microeconomics is the study of how individuals and small economic units make choices with limited resources. It examines choices by consumers, businesses, and individuals.
2) Basic microeconomic concepts include scarcity, choice and opportunity cost. Scarcity means wants exceed resources, requiring choices between alternatives. Opportunity cost is the next best alternative forgone in making a choice.
3) Factors of production are resources used in the production of goods and services, including labor, capital, land and entrepreneurship. The production possibilities curve illustrates scarcity, choice and opportunity cost through different combinations of two goods an economy can produce.
Chapter 1 Microeconomics Intro
The document provides an overview of key economic concepts including:
1) Economics is the study of how scarce resources are allocated to satisfy unlimited wants.
2) Microeconomics examines decision-making of individuals and firms while macroeconomics looks at the whole economy.
3) Ceteris paribus means all other things remain equal while one variable is changed.
4) Scarcity, choice, opportunity cost, and the factors of production (land, labor, capital and entrepreneurship) are basic economic concepts.
5) Graphs, marginal analysis, production possibilities curves, technology, and the three basic economic problems (what, how, and for whom to produce) are also introduced.
Solving Basic Economic Problems
The document discusses how the basic economic problems of what to produce, how to produce, and for whom to produce are solved differently in capitalist, socialist, and mixed economies.
In a capitalist economy, the price mechanism determines solutions through market forces of supply and demand. In a socialist economy, a central planning authority makes production and distribution decisions. In a mixed economy, the price mechanism and private sector interact with government intervention through fiscal and monetary policies to influence economic outcomes.
Ch. 3 Market Economy
The document discusses different types of economic systems and concepts in business ownership and market economies. It explains that in a market economy, individuals and businesses decide what to produce based on supply and demand. When supply and demand are equal it reaches an equilibrium price and quantity. The US operates under a market economy where private individuals and groups make decisions rather than the government. It also discusses the concepts of fixed and variable costs that businesses consider to determine prices and profits.
Economics: Chapter 2
The document discusses different types of economic systems and how they answer the three basic economic questions of what to produce, how to produce it, and who gets what is produced. It explains that modern economies are mostly mixed, combining market forces with some government intervention. A free market uses supply and demand to determine production and distribution, while a centrally planned economy has the government control and direct all economic decisions. Most countries today utilize a mixed system with market allocation and private enterprise alongside policies to promote public goods and correct market failures.
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This document provides an introduction to microeconomics. It defines economics as the study of how individuals and societies choose to employ scarce resources. It discusses four main definitions of economics from classical economists like Adam Smith to modern economists. It then distinguishes between microeconomics and macroeconomics, with microeconomics focusing on individual units like firms and resource allocation, and macroeconomics studying overall aggregates like total production and consumption. The document also covers different types of economies (capitalist, socialist, mixed), central economic problems of resource allocation, and production possibility curves to illustrate scarcity.
Review Of Basic Microeconomics
The circular flow diagram shows the flow of money between households and firms through input and output markets. Firms purchase inputs from households and sell outputs to households. Households purchase goods and services from firms using income received from supplying inputs.
Elasticity measures the responsiveness of quantity demanded or supplied to a change in its price. Elastic demand means quantity demanded changes proportionally more than a price change. Inelastic demand means quantity demanded changes less than proportionally to a price change.
Consumer choice is based on utility maximization subject to a budget constraint. Indifference curves illustrate combinations of goods that provide equal utility. Utility maximizes where the highest indifference curve is tangent to the budget constraint.
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Economics is the study of how scarce resources are used to satisfy unlimited wants. It examines the choices that individuals, businesses, and governments make when allocating resources. Microeconomics focuses on individual markets and consumer behavior, while macroeconomics looks at whole economies and issues like growth, employment and inflation. Markets coordinate economic activity through prices, while governments provide public goods and address issues like externalities and inequality. Factors of production include labor, capital, land and entrepreneurship. Firms combine these to produce goods and services, while households supply labor and consume output.
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This document provides an outline for a basic economics course. It includes sections on grading, the course outline, microeconomics, macroeconomics, key economic concepts like scarcity and opportunity cost, the law of demand and supply, equilibrium, GDP, the role of government, money, banking, exchange rates, trade, and economic integration like the ASEAN Economic Community. The course aims to teach students how to think like an economist and understand society and global affairs.
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This document provides an overview of the key topics that will be covered in a basic economics workshop, including:
- Introduction to microeconomics and macroeconomics concepts like supply and demand, markets, and economic growth.
- The nature of scarcity and how it requires individuals and societies to make choices that involve opportunity costs.
- Production possibilities frontiers and how resources constraints impact what combinations of goods can be produced.
- Distinguishing between microeconomic topics like demand, supply, and elasticity from macroeconomic topics like inflation and GDP.
- Differences between production in the short-run, when some resources are fixed, versus the long-run when all resources are variable.
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This document provides an introduction to microeconomics. It defines microeconomics as the study of economic decisions made by individuals and businesses, as well as the interactions between buyers and sellers in the market. The document outlines several key microeconomic concepts, including supply and demand, opportunity costs, and different economic systems. It also provides learning objectives and topics to be covered in the chapter, such as defining economics, distinguishing microeconomics from macroeconomics, basic economic concepts, and different types of economic systems including capitalistic, socialistic, and mixed market economies.
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The document summarizes the key characteristics of different economic systems and the American mixed economy. It discusses the three questions all economic systems must answer, and defines traditional, command, market, and mixed economies. It then describes the six major characteristics of a pure market economy: little government control, freedom of enterprise, freedom of choice, private property, the profit incentive, and competition. Finally, it identifies the main goals of a free enterprise system as economic freedom, efficiency, equity, security, stability, and growth.
Introduction to micro economics
This document provides an introduction to microeconomics, including:
1) It defines a simple economy as one where individuals are interdependent and specialized in production but need to exchange goods and services.
2) It outlines the three central problems faced in any economy due to scarce resources: what to produce, how to produce, and for whom to produce.
3) It describes the three main types of economic systems - centrally planned, market, and mixed - and provides examples and key features of each.
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The main premise of economic problem is that human needs and wants are unlimited but resources are limited in nature. Thus, scarcity of resources which means that in order to produce one good, you have to sacrifice other good.
Managerial economics
The document provides an overview of the objectives, content, and key concepts of managerial economics. It discusses how managerial economics applies economic analysis to business problems and decisions. Some of the main topics covered include demand and supply analysis, production costs, market structures, pricing practices, and opportunity costs. Scarcity, production possibility frontiers, and the role of markets and governments in allocating resources are also summarized.
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Problems and Solutions of a mixed economy are clearly explained in the above presentation.
Cr- Group 11
How basic economic problems are solved in different economies
How basic economic problems are solved by socialist economy, capitalist economy and mixed economy are discussing here.
MIRCOECONOMICS
This document provides an overview of microeconomics concepts including:
1. Scarce resources force societies and individuals to make choices about production and consumption.
2. Microeconomics analyzes the behavior of individual units like consumers, producers, and markets. It deals with how supply and demand determine prices.
3. Different market structures like perfect competition, monopoly, and oligopoly determine the degree of competition and firms' power to set prices.
1.intro to microeconomics
Microeconomics is the study of individual economic units such as households, firms, and industries. It examines how prices are determined in markets and how resources are allocated. Microeconomics analyzes production and consumption decisions, pricing under different market structures, and resource allocation. The goal is to understand how these economic units interact and the outcomes for efficiency and welfare.
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This chapter introduces key economic concepts. It defines economics as the study of how societies allocate scarce resources to satisfy unlimited wants. It distinguishes between microeconomics, which studies individual economic units, and macroeconomics, which looks at aggregate outcomes. The chapter covers basic economic problems like what, how, and for whom to produce. It introduces opportunity cost and production possibility frontiers to illustrate scarcity and tradeoffs. It also outlines different economic systems - capitalist, socialist, mixed, and Islamic - and how they approach resource allocation and production.
Introduction to microeconomics
This document provides an introduction to microeconomics and the basic economic problem of scarcity. It discusses how economics studies decision-making under scarcity and uncertainty. Microeconomics examines individual consumers, firms, and markets. The document also outlines key microeconomic concepts like opportunity cost, factors of production, and different types of economies. It explains how free markets can allocate resources efficiently but also the role of the state in mixed market economies.
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The document discusses key elements of a country's economic environment that impact business operations. It identifies factors such as gross national income, gross domestic product, per capita income, growth rates, purchasing power, human development index, inflation, employment, debt, income distribution, poverty, labor costs, and productivity. It also explains different economic systems including capitalism, socialism, and mixed economies. Managers must assess the economic environment to make investment and strategy decisions.
World Economic Growth Pattern
This document provides an overview of key economic concepts including:
- Definitions of economics as the study of how people make choices with scarce resources.
- Microeconomics examines individual actors like firms and households while macroeconomics looks at aggregate measures like output and growth.
- Specialization and trade allow countries to focus on what they have a comparative advantage in producing.
- Economic systems can be planned or free market based.
- Factors that influence economic growth include resources, human capital, technology and policy.
- Key metrics like GDP, GNI, and HDI are used to measure economic activity and development.
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The document provides an overview of command and free market economic systems. A command economy is one where production, investment, prices, and incomes are determined by the government according to a central plan. A free market economy allows prices to be set by competition between privately owned businesses. The document outlines the key principles of each system, including economic freedom and private property in free markets versus government control and ownership in command economies. Both systems are evaluated in terms of their strengths and limitations.
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The document discusses how the basic economic problems of what to produce, how to produce, and for whom to produce are solved differently in capitalist, socialist, and mixed economies.
In a capitalist economy, the price mechanism determines solutions through market forces of supply and demand. In a socialist economy, a central planning authority makes production and distribution decisions. In a mixed economy, the price mechanism and private sector interact with government intervention through fiscal and monetary policies to influence economic outcomes.
Ch. 3 Market Economy
The document discusses different types of economic systems and concepts in business ownership and market economies. It explains that in a market economy, individuals and businesses decide what to produce based on supply and demand. When supply and demand are equal it reaches an equilibrium price and quantity. The US operates under a market economy where private individuals and groups make decisions rather than the government. It also discusses the concepts of fixed and variable costs that businesses consider to determine prices and profits.
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The document discusses different types of economic systems and how they answer the three basic economic questions of what to produce, how to produce it, and who gets what is produced. It explains that modern economies are mostly mixed, combining market forces with some government intervention. A free market uses supply and demand to determine production and distribution, while a centrally planned economy has the government control and direct all economic decisions. Most countries today utilize a mixed system with market allocation and private enterprise alongside policies to promote public goods and correct market failures.
Introduction to Micro Economics
This document provides an introduction to microeconomics. It defines economics as the study of how individuals and societies choose to employ scarce resources. It discusses four main definitions of economics from classical economists like Adam Smith to modern economists. It then distinguishes between microeconomics and macroeconomics, with microeconomics focusing on individual units like firms and resource allocation, and macroeconomics studying overall aggregates like total production and consumption. The document also covers different types of economies (capitalist, socialist, mixed), central economic problems of resource allocation, and production possibility curves to illustrate scarcity.
Review Of Basic Microeconomics
The circular flow diagram shows the flow of money between households and firms through input and output markets. Firms purchase inputs from households and sell outputs to households. Households purchase goods and services from firms using income received from supplying inputs.
Elasticity measures the responsiveness of quantity demanded or supplied to a change in its price. Elastic demand means quantity demanded changes proportionally more than a price change. Inelastic demand means quantity demanded changes less than proportionally to a price change.
Consumer choice is based on utility maximization subject to a budget constraint. Indifference curves illustrate combinations of goods that provide equal utility. Utility maximizes where the highest indifference curve is tangent to the budget constraint.
Basics of economics
Economics is the study of how scarce resources are used to satisfy unlimited wants. It examines the choices that individuals, businesses, and governments make when allocating resources. Microeconomics focuses on individual markets and consumer behavior, while macroeconomics looks at whole economies and issues like growth, employment and inflation. Markets coordinate economic activity through prices, while governments provide public goods and address issues like externalities and inequality. Factors of production include labor, capital, land and entrepreneurship. Firms combine these to produce goods and services, while households supply labor and consume output.
Basic economics 2
This document provides an outline for a basic economics course. It includes sections on grading, the course outline, microeconomics, macroeconomics, key economic concepts like scarcity and opportunity cost, the law of demand and supply, equilibrium, GDP, the role of government, money, banking, exchange rates, trade, and economic integration like the ASEAN Economic Community. The course aims to teach students how to think like an economist and understand society and global affairs.
Basic economics ppt
This document provides an overview of the key topics that will be covered in a basic economics workshop, including:
- Introduction to microeconomics and macroeconomics concepts like supply and demand, markets, and economic growth.
- The nature of scarcity and how it requires individuals and societies to make choices that involve opportunity costs.
- Production possibilities frontiers and how resources constraints impact what combinations of goods can be produced.
- Distinguishing between microeconomic topics like demand, supply, and elasticity from macroeconomic topics like inflation and GDP.
- Differences between production in the short-run, when some resources are fixed, versus the long-run when all resources are variable.
BAEB602 Chapter 1: Introduction to Microeconomics
This document provides an introduction to microeconomics. It defines microeconomics as the study of economic decisions made by individuals and businesses, as well as the interactions between buyers and sellers in the market. The document outlines several key microeconomic concepts, including supply and demand, opportunity costs, and different economic systems. It also provides learning objectives and topics to be covered in the chapter, such as defining economics, distinguishing microeconomics from macroeconomics, basic economic concepts, and different types of economic systems including capitalistic, socialistic, and mixed market economies.
2.economic system and the american economy
The document summarizes the key characteristics of different economic systems and the American mixed economy. It discusses the three questions all economic systems must answer, and defines traditional, command, market, and mixed economies. It then describes the six major characteristics of a pure market economy: little government control, freedom of enterprise, freedom of choice, private property, the profit incentive, and competition. Finally, it identifies the main goals of a free enterprise system as economic freedom, efficiency, equity, security, stability, and growth.
Introduction to micro economics
This document provides an introduction to microeconomics, including:
1) It defines a simple economy as one where individuals are interdependent and specialized in production but need to exchange goods and services.
2) It outlines the three central problems faced in any economy due to scarce resources: what to produce, how to produce, and for whom to produce.
3) It describes the three main types of economic systems - centrally planned, market, and mixed - and provides examples and key features of each.
Basic economic problem
The main premise of economic problem is that human needs and wants are unlimited but resources are limited in nature. Thus, scarcity of resources which means that in order to produce one good, you have to sacrifice other good.
Managerial economics
The document provides an overview of the objectives, content, and key concepts of managerial economics. It discusses how managerial economics applies economic analysis to business problems and decisions. Some of the main topics covered include demand and supply analysis, production costs, market structures, pricing practices, and opportunity costs. Scarcity, production possibility frontiers, and the role of markets and governments in allocating resources are also summarized.
Basic problems and solutions of a mixed economy- Group 11
Problems and Solutions of a mixed economy are clearly explained in the above presentation.
Cr- Group 11
How basic economic problems are solved in different economies
How basic economic problems are solved by socialist economy, capitalist economy and mixed economy are discussing here.
MIRCOECONOMICS
This document provides an overview of microeconomics concepts including:
1. Scarce resources force societies and individuals to make choices about production and consumption.
2. Microeconomics analyzes the behavior of individual units like consumers, producers, and markets. It deals with how supply and demand determine prices.
3. Different market structures like perfect competition, monopoly, and oligopoly determine the degree of competition and firms' power to set prices.
1.intro to microeconomics
Microeconomics is the study of individual economic units such as households, firms, and industries. It examines how prices are determined in markets and how resources are allocated. Microeconomics analyzes production and consumption decisions, pricing under different market structures, and resource allocation. The goal is to understand how these economic units interact and the outcomes for efficiency and welfare.
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This chapter introduces key economic concepts. It defines economics as the study of how societies allocate scarce resources to satisfy unlimited wants. It distinguishes between microeconomics, which studies individual economic units, and macroeconomics, which looks at aggregate outcomes. The chapter covers basic economic problems like what, how, and for whom to produce. It introduces opportunity cost and production possibility frontiers to illustrate scarcity and tradeoffs. It also outlines different economic systems - capitalist, socialist, mixed, and Islamic - and how they approach resource allocation and production.
Introduction to microeconomics
This document provides an introduction to microeconomics and the basic economic problem of scarcity. It discusses how economics studies decision-making under scarcity and uncertainty. Microeconomics examines individual consumers, firms, and markets. The document also outlines key microeconomic concepts like opportunity cost, factors of production, and different types of economies. It explains how free markets can allocate resources efficiently but also the role of the state in mixed market economies.
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Basic problems and solutions of a mixed economy- Group 11
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How basic economic problems are solved in different economies
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This document provides an overview of basic economics concepts. It discusses the scarcity of resources and how this leads to the basic economic problem of what, how, and for whom to produce. It also covers factors of production, production possibility curves, decision making at the margin, and different economic systems including market, command, and mixed economies. Money is introduced as a solution to the limitations of barter by serving as a medium of exchange, unit of account, standard for deferred payment, and store of wealth.
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The document discusses various topics related to business environment including general environment, task environment, competitive forces, technological forces, political and legal forces. It defines general environment as external factors like inflation and demographics that indirectly affect organizations. It also discusses factors in the general environment like economic conditions, political system, ecosystem, demographics and culture. The document further elaborates on concepts like competitive forces, new entrants, substitute goods, customers, suppliers and impact of technology. It also provides an overview of different economic systems like capitalism, socialism and mixed economies.
Economics lesson 2
The document discusses economic systems and the basic economic questions of what to produce, how to produce, and for whom to produce. There are four main types of economic systems - traditional, command, market, and mixed - that answer these questions in different ways. Most economies today are mixed, combining elements of traditional, command, and market systems. The US and other nations also have economic goals that sometimes conflict, such as efficiency, equity, and growth, requiring policymakers to prioritize which goals to focus on first.
Micro EcoUnit1.pptx
The document defines key economic concepts such as scarcity, opportunity cost, production possibility curve, and types of economies. It then discusses consumer theory including utility and diminishing marginal utility. Specifically:
1) Economics studies how individuals and societies make choices given scarce resources and unlimited wants. Opportunity cost is the next best choice given up when making a decision.
2) A production possibility curve illustrates the tradeoffs between two goods based on available resources. Shifting the curve shows how changes like technology affect what can be produced.
3) Economies differ in how decisions are made - socialist, capitalist, and mixed economies allocate resources in different ways. Consumer theory analyzes how utility and marginal utility influence consumption choices.
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6:个人职称评审加20分
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Economics review
- 1. Economics • The science that deals with production, distribution, and consumption of goods and services or material welfare of human kind.
- 2. How do different economies answer the basic questions… -What to produce? -How to produce? -For whom to produce?
- 3. Entrepreneur - an individual who accepts financial risks and undertakes new financial ventures Bill Gates of Sam Walton of Microsoft Wal-Mart
- 4. Types of Systems • Market Economy • Command Economy • Traditional Economy • Mixed Economy
- 5. Market Economy • – business owners and consumers decide what to sell and buy
- 6. Command Economy • – government decides what is made and sold
- 7. Traditional Economy • – “same way we have always done it”
- 8. Mixed Economy • – a combination of two or three economy types
- 9. Traditional (Same) – “way we have always done it” Market (Choice) – business owners and consumers decide what to Mixed (Two or More) – a combination of two or three economy types Command (Government) – government decides what is made and sold Economies
- 10. Most Countries have a Mixed Economy• U.S.A – Mix of Market and Command Economy
- 11. Most Countries have a Mixed Economy• Cuba – Mix of Command with Traditional moving toward a Market Economy
- 12. Who? What kind? - This government is called the People’s Republic of ….. But the people are just being to receive a voice. Free enterprise is just beginning to become real.
- 13. Who? What kind? - This country is a constitutional monarchy. It has very little natural resources. The education system is excellent. The country is know for it’s technical advances. .
- 14. Who? What kind? • This country is a • developing • country. The • government is • encouraging • farmers to use • new technology instead of doing things the same old way. Entrepreneurs are investing in this country’s economy.
- 15. Continuum: Pure Command to Pure Market Place China, India and Japan on the continuum line. • _____________________________________ Pure Pure Command Market
- 16. There is a lack of entrepreneurship in Asia. • This greatly affects the developing economies of the region. List reasons why. Lack of: new businesses, new ideas, employment, developing leadership, new products
- 17. • No country can produce everything it needs. • This is due to location, climate, natural resources, technology. • Countries must “specialize”. • They produce what they can and then sell those products to other countries and buy what they need. • This increases the need for voluntary trade among countries. Two or more countries trade with each other, all sell their products and get items they need from the others.
- 18. Trade Barriers • Any government imposed restriction that interferes with one country trading with another
- 19. Tariffs • A tax placed on goods imported from another country
- 20. Quota • Limits the amount of a good imported
- 21. Embargo • Any restriction by a government that stops the importing of a good from another country; ban
- 22. Why is investment important to a nation’s economy? • Create new products • Develops new ideas • Creates jobs • Raises the standard of living (higher GDP per capita).
- 23. Why do countries have currency? • Currency allows people to trade (buy and sell) at an established rate. There is a standard to determine the worth of goods and services. Countries have exchange rates for other countries’ currencies depending on the value of that currency.
- 24. Project 1. Divide your cards into goods and services. 2. Then divide the goods into agriculture and products. 3. Total the numbers of each category. (3) agriculture____ products_____services__