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unit 1

Ann Bamonti

on 26 January 2017

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Transcript of Economics

is the study of how governments, businesses, and individuals make choices about how to use their scarce resources to satisfy their unlimited wants and needs.
social science
Everything is limited in quantity
Factors of production
1. Land
2. Labor
3. Capital
4. Entreprenuership
Opportunity Costs
Goods and services
Consumers and producers
Value, utility and wealth
productivity and growth
Division of labor
Human capital
Three Basic Questions of Economics
1. What to produce?
2. How to produce?
3. For whom to produce?
Three Types of Economies
1. Traditional
2. Command
3. Market
Types of Market Systems
1. Communism
2. Socialism
3. Capitalism
Free Enterprise (capitalism)
1. Voluntary exchange
2. Economic freedom
3. Private property
4. Profit motive
5. Competition
Goals of the US Economy
1. Economic Freedom
2. Economic Efficiency
3. Economic Equity
4. Economic Security
5. Economic Growth

Production Possibilities Frontier
Advantages of Free Market
Efficient response
to changing marketplace conditions
Freedom of choice
for consumers and producers
of G/S
and innovation
Wealth of Nations 1776
Father of Capitalism
Self-interest (profit motive)
Competition (efficiency)
Invisible Hand
Full transcript