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Transcript of Economics
Production, consumption and
transfer of wealth
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
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
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
Government owns resources and property
Government makes decisions about what to make and sell
Prices are set by the government
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?
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
The value of the whole society
Trade or barter so that everyone gets what they need