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ECONOMICS

ECONOMICS. Show me the money… bling ... benjamins. What is economics????. the branch of social science that deals with the production and distribution and consumption of goods and services and their management. What makes up economics?.

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ECONOMICS

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  1. ECONOMICS Show me the money…bling...benjamins

  2. What is economics???? • the branch of social science that deals with the production and distribution and consumption of goods and services and their management

  3. What makes up economics? • Market economy – economic system in which supply, demand, and prices help people make decisions and allocate resources; sometimes called capitalism • Capitalism – system in which private citizens own most, if not all, of the means of production. • Free Enterprise – when businesses are allowed to compete for profit with a minimum level of government interference • Scarcity – not having enough resources to produce all of the things we would like to have • Opportunity Cost – the cost of the next best use of time and money when choosing to do one thing or another • Supply – the amount of goods and services that producers are able and willing to sell at various prices during a specified time period • Demand – the desire, willingness, and ability to buy a good or service

  4. Activity Activity – Look at the store ads and compare the prices for the same items found at different stores. Explain why you think the stores had similar or different prices for each item.

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