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Chapter 2: Economic Systems Opener

Chapter 2: Economic Systems Opener

Chapter 2: Economic Systems Opener. Essential Question. How does a society decide who gets what goods and services?. Guiding Questions. Section 1: Answering the Three Economic Questions What goals and values affect how a society answers the key economic questions?

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Economics Ch 2 Economic Systems

Economics Ch 2 Economic Systems

Economics Ch 2 Economic Systems. http:// www.youtube.com/watch?v=d8ivuSUfTg4 14 min. Scarcity forces societies and nations to answer some hard economic questions. ?Different economic systems have ?evolved in response to the problem of ?scarcity.

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Unit 1: Fundamentals of Economics

Unit 1: Fundamentals of Economics

Unit 1: Fundamentals of Economics. Unit 1 Standards:. SSEF1, SSEF2, SSEF4, SSEF5, SSEF6, SSMI1. Unit 1: EQs. What is scarcity? What are the factors of production? How are limited resources allocated? What trade-offs appear on a production possibilities frontier?

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879 views • 60 slides
Chapter 2: Economic Systems Section 1

Chapter 2: Economic Systems Section 1

Chapter 2: Economic Systems Section 1. Key Terms. economic system : the structure of methods and principles that a society uses to produce and distribute goods and services factor payment : the income people receive in return for supplying factors of production

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[ 2.1 ] The Three Key Economic Questions

[ 2.1 ] The Three Key Economic Questions

[ 2.1 ] The Three Key Economic Questions. [ 2.1 ] The Three Key Economic Questions. Learning Objectives. Identify the three basic economic questions that all societies must answer. Describe the economic goals that determine how a society answers the three economic questions.

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Economic Systems

Economic Systems

Economic Systems. In this lesson, students will examine the four economic systems. Bell Ringer: Define the following terms- Economic System Market Traditional Economy Market Economy Command Economy Mixed Economy. What goods and services will a country produce?.

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204 views • 19 slides
Economic Systems

Economic Systems

Economic Systems. Chapter Two. Answering the Three Economic Questions. Section One. Because economic resources are limited, a country must answer three key economic questions: 1) What goods and services should be produced? 2) How should these goods and services be produced?

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227 views • 18 slides
ANSWERING THE 3 ECONOMIC QUESTIONS

ANSWERING THE 3 ECONOMIC QUESTIONS

ANSWERING THE 3 ECONOMIC QUESTIONS. BY: LISA ENNIS 8 TH period. TERMS TO KNOW. Economic system- the method used by a society to produce and distribute goods and services Factor payments- income people receive for supplying factors of production

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Do Now

Do Now

Do Now. The government has ordered that all video game designers must devote half their time and resources to creating educational games. Write down your first reaction. Centrally Planned Economy. Would the government of a nation with a free market system issue an order like

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