'Basic economic questions' presentation slideshows

REVIEW FOR THE ECONOMICS END OF COURSE TEST

REVIEW FOR THE ECONOMICS END OF COURSE TEST. REVIEW FOR THE ECONOMICS END OF COURSE TEST. INSTRUCTIONS: Go through the slides and answer each question in the packet; the slide numbers are listed for each question.

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The Economic Problem s : Scarcity and Choice

The Economic Problem s : Scarcity and Choice. Topics to Discussed. Scarcity, Choice, and Opportunity Cost Scarcity and Choice in a n Economy Comparative Advantage and Trade Specialization and Comparative Advantage Capital Goods and Consumer Goods The Production Possibility Frontier

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Factors of Production

Factors of Production. Natural Resources Human Resources Capital Resources Entrepreneurship. Natural Resources. Any item that is provided by NATURE that can be used to produce goods and services Nature: Found ON , IN or COMING into (sun) earth. Dirt. Local Farming. The Wheat Trail.

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Economic Systems

Economic Systems. Discussion Topic. How do economic systems answer your basic economic questions?. Basic Economic Questions. What to produce How to Produce For whom to produce. Traditional Economy. Answers the basic economic questions by rituals, habits, religious beliefs, and customs.

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The Economic Problem: Scarcity and Choice

The Economic Problem: Scarcity and Choice. Scarcity, Choice, and Opportunity Cost. Human wants are unlimited, but resources are not. Three basic questions must be answered in order to understand an economic system: What gets produced? How is it produced? Who gets what is produced?.

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Chapter 2

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Economics

Economics. Economics. the branch of social science that deals with the production and distribution and consumption of goods and services and their management. The study of the choices individuals, groups , and businesses make in buying and selling goods or services.

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Chapter 3

Chapter 3. Supply and Demand: In Introduction. Basic Economic Questions to Answer. What: variety and quantity How: technology For whom: distribution. To answer the questions:. Economic Systems: Centrally Planned Economy Free Market Economy Mixed Economy. Market Economy.

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Chapter 18 What is Economics?

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The Economic Problem : Scarcity and Choice

2 CHAPTER OUTLINE :. The Economic Problem : Scarcity and Choice. Scarcity, Choice, and Opportunity Cost Scarcity and Choice in a One-Person Economy Scarcity and Choice in an Economy of Two or More The PPF The Economic Problem Economic Systems Command Economies

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Economic Overview

Economic Overview. Economic Systems. Economics The study of how people manage their resources Produce and exchange goods and services. Key Terms. Producers Owners & workers Consumers People who buy and use the goods and services Goods Products being made or grown

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Intro to Economics

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Chapter 2 Economic systems

Chapter 2 Economic systems. Lecture Plan. Scarcity and economic systems The market economic system The command economic system The mixed economy Market systems versus command systems Advantages and disadvantages. Economic Systems.

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Intro To Business

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WHAT IS AN ECONOMY?

WHAT IS AN ECONOMY?. Economy or Economic System. The way a nation makes choices. These choices involve how the nation will use its resources to produce and distribute goods and services. Resources. All things used in producing goods and services

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ECONOMIC NOTIONS

ECONOMIC NOTIONS Economics and Macroeconomics Macroeconomic environment decissions of economic units: what, how, to whom, when maximization: of utility, profits etc. outcomes: inflation, unemployment, disequlibria economic models Quantity=f(Prices, Incomes)

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The Fundamental Economic Problem

The Fundamental Economic Problem. What is Economics?. Economics is the study of how we make decisions in a world where resources are limited. It is sometimes called the science of decision making. Needs vs. Wants.

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Canadian Economy

Canadian Economy. Unit 7 . Economic Essentials . Economics studies the production, exchange, and consumption of goods and services, all of which involve the flow of money. Biggest problem is scarcity (this includes unemployment) Laws of Supply and Demand

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Introduction to Economics

Introduction to Economics. Chapter 18. Quiz 18. ____ is the study of how people satisfy unlimited wants & needs with limited resources. ____ is basic problem of economics. List the 3 basic economic questions : (3-5) 6. Rent is an example of a ___ cost in a business.

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