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Economics

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by

Jara Richards

on 29 January 2015

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Transcript of Economics

Economics
Economics

Production, consumption and
transfer of wealth
Consumers
Producers
Government
Someone who purchases goods of services

people who buy and use products
Person, company, or country that makes, grows or supplies goods or services for sale-owners and workers
Resources, Goods, and Services

Goods
Food
Clothes
Cars
Services:
Doctor
Hairdresser
Waitor
Resources
Natural
Human
Capital
Combine to make goods and services
Our basic economic problem:
People have unlimited wants (food, clothing, shelter, schools, hospitals, cars, transportation)
But resources are limited (land, soil, minerals, fuels, people, money
Different kinds
of Economies



Traditional
Command
Free Market
Mixed
Free-market economy
No government involvement
Private ownership of resources and property
Consumers (individuals) make all decisions when they decide what products they want
Producers compete for business and profit
Prices determined by supply and demand
Command Economy
Government owns resources and property
Government makes decisions about what to make and sell
Prices are set by the government
Mixed economy
Some degree of government involvement (minimum wage, labor laws, minimum prices)
Government provides certain services for citizens
Opportunity for private business by individuals or groups
Prices determined by competition or set by government
There are different kinds of economies that all depend on the interaction of three groups
What is produced?
How should it be produced?
For whom are the good and services produced?
How many good and services should be produced?
What is going to be made?
What do you need to produce the goods?
workers
money
resources
How is it going to be distributed?
Who is going to buy the product?
How am I going to make money?
How much am I going to make so that I have enough but I don't have too much?
a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively
Items that are made to satisfy human needs. These goods can be grown or manufactured.
Something a person does for others in exchange for money or value

Traditional Economy
The value of the whole society
Trade or barter so that everyone gets what they need

https://americanheritage.byu.edu/pages/gamesandactivities/supply-and-demand-interactive-chart.aspx
Full transcript