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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.
Everything is limited in quantity
Factors of production
Goods and services
Consumers and producers
Value, utility and wealth
productivity and growth
Division of labor
Three Basic Questions of Economics
1. What to produce?
2. How to produce?
3. For whom to produce?
Three Types of Economies
Types of Market Systems
Free Enterprise (capitalism)
1. Voluntary exchange
2. Economic freedom
3. Private property
4. Profit motive
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
to changing marketplace conditions
Freedom of choice
for consumers and producers
Wealth of Nations 1776
Father of Capitalism
Self-interest (profit motive)