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Economic Resources and Systems

Chapter 2 Introduction to Business Concepts

Denise Route

on 13 April 2012

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Transcript of Economic Resources and Systems

Factors of Production Types of Econ. Systems Economic Decisions Economic Resources & Systems Types of Economic Systems What factors of production can you name that were involved in creating this product? (cc) photo by Metro Centric on Flickr (cc) photo by Franco Folini on Flickr (cc) photo by jimmyharris on Flickr (cc) photo by Metro Centric on Flickr Natural Resources Capital Resources Labor Resources Entrepreneurial Resources Lack of Resources Renewable/Non-renewable Scarcity knowledge
people bring to their work Types of
Resources Entrepreneur - Someone who
recognizes and acts upon opportunity
for new goods and services Not same as capital or money
Things used to produce goods
and services
Examples? raw materials found in nature Command Market Mixed Economy Most Nations in Reality
State - people's needs
Marketplace - people's wants We're off to see the Wizard, the Wonderful Wizard of Demand! Developing Economy Not yet industrialized Chad Equador North Korea Cuba Germany U.S. HOng Kong Government controls
means of production Central Authority
sets prices
and decides
allocation of resources Communism (Strong)
Socialism (Moderate) Private Ownership of
means of
production Supply & Demand decide allocation decisions Capitalism Checkpoint 1. Who owns the means of production in a market economy? In a command economy? 2. What is the difference between Communism and Socialism in a command economy? 3. What is it called when the demand price and the supply price of a product intersect? Labor Entrepreneur Capital Natural
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