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Transcript of Economics Vocabulary
Items that can be bought and sold
An economy that is a mixture of market and command economies
In other words, a mixture of both private (individually owned)and public (government-owned) enterprise.
A historical economic system in which traditions,
customs, and beliefs shape the goods and products the society creates
an economy where the government controls what is produced
an economy based on supply and demand
the branch of knowledge concerned with production, consumption, and trade of wealth
Businesses and factories are owned by individuals. (This is also known as the private sector.)
Supply--Goods are produced.
Demand--People want them.
Financial analysts regard a free
market economy as the MOST
efficient way to distribute a world's
Where to find a market economy:
This economy is typical of
Where to find a command economy:
The people provide for themselves.
Nothing ever changes.
This economy is often found in
rural, farm-based areas.
Where to find a traditional economy:
parts of the Middle East
parts of Asia
parts of Africa
A Quick Review of the Three Types of Economy
(market, command, and traditional)
Do you think you understand the differences now?
(Remember to think about our simulation from class, too.)
But what if we mix it up a bit?
Where to find a mixed economy:
Hey, wait a minute...
Didn't you say that the United States was a market economy? Now you're saying it's mixed. I'm confused.
The definition of mixed economy remains somewhat subjective. The United States has been referred to as mixed economy as all economies are, to some extent or another, mixed. Pure capitalism and pure communism have never and most likely will never exist. The world's developed nations are the most common examples of mixed economies.
various kinds of activities that
people need to have done and
usually pay for
resources found in nature such as soil, minerals, trees, and water
skills and time provided by people
resources made by humans, such as buildings, tools, machinery, and the money that goes into creating the business
any amount a store
produces of something--
donuts, books, jeans
WHAT the people want
WHEN they want it
the AMOUNT they want
the process people go through to decide, organize, and maintain a kind of business or service to establish
Note: This usually involves a
great deal of creativity and risk.
when a country has
more imports than exports
taxes on imports and exports
a lack of trade barriers between participating nations
barriers typically include tariffs
"the process by which regional economies, societies, and cultures have become integrated through a global network of political ideas through communication, transportation, and trade"
What?!? Why Are We Studying Economics in 7th Grade?
to learn about how the world works
to understand the impact of decisions made
to be prepared for life outside of school (It will be here before you know it!)
Let's get started...
As you can tell, there is quite a bit that goes into
our economy. It takes creativity, risk, and hard work.
Money certainly doesn't grow on trees or
appear due to magic...
...unless you're David Blaine ( a street magician), of course!