Unit 1 recap
... CURVE to show one way in which societies make choices and trade-offs Our PPF will demonstrate the law of increasing opportunity cost The PPF can demonstrate productive efficiency; that is: the most efficient use of a society’s economic resources Another term we need to know is allocative effic ...
... CURVE to show one way in which societies make choices and trade-offs Our PPF will demonstrate the law of increasing opportunity cost The PPF can demonstrate productive efficiency; that is: the most efficient use of a society’s economic resources Another term we need to know is allocative effic ...
File
... the belief that people’s greatest loyalty should not be to a king or an empire, but to a nation of people who share a common culture and history. ...
... the belief that people’s greatest loyalty should not be to a king or an empire, but to a nation of people who share a common culture and history. ...
19th Century Economics
... demand, most capitalist economists promote “laissez faire” (French term meaning “let them do as they will”) policies • In this approach, government does nothing to regulate the economy – they do not try to control prices or wages, they also provide no protection from monopolies or foreign goods • Ca ...
... demand, most capitalist economists promote “laissez faire” (French term meaning “let them do as they will”) policies • In this approach, government does nothing to regulate the economy – they do not try to control prices or wages, they also provide no protection from monopolies or foreign goods • Ca ...
Principles of Business, Finance, and Marketing
... After completing this chapter, you’ll be able to: • Define scarcity • List the four factors of production • Identify the differences between market and command economies • Explain why most countries prefer a mixed economy ...
... After completing this chapter, you’ll be able to: • Define scarcity • List the four factors of production • Identify the differences between market and command economies • Explain why most countries prefer a mixed economy ...
UNIT 1: FUNDAMENTAL ECONOMICS – THE BASICS
... How are economic choices influenced by complex interactions of market conditions and individual priorities? How does scarcity cost people when making choices? ...
... How are economic choices influenced by complex interactions of market conditions and individual priorities? How does scarcity cost people when making choices? ...
Capitalism and socialism are somewhat opposing
... Capitalism (in action) Free Market Economy – Ask yourself what the term free market sound likes to you. Philosophy of Capitalism - Capital (or the "means of production") is owned, operated, and traded for the purpose of generating profits for private owners or shareholders. Emphasis on individual pr ...
... Capitalism (in action) Free Market Economy – Ask yourself what the term free market sound likes to you. Philosophy of Capitalism - Capital (or the "means of production") is owned, operated, and traded for the purpose of generating profits for private owners or shareholders. Emphasis on individual pr ...
Key Terms
... and services are produced “The consumer is king” The amount of goods or services producers are willing to make and sell at a given price ...
... and services are produced “The consumer is king” The amount of goods or services producers are willing to make and sell at a given price ...
Economic Systems
... Subsistence: people make goods for themselves and their families. There is little surplus. To subsist is to survive! Cottage vs. Commercial Industry: Small industry that begins in the home vs. a large, corporate industry. System that lets competition among businesses determine the price of products. ...
... Subsistence: people make goods for themselves and their families. There is little surplus. To subsist is to survive! Cottage vs. Commercial Industry: Small industry that begins in the home vs. a large, corporate industry. System that lets competition among businesses determine the price of products. ...
Econ Unit 1 Study Guide Terms- Write the word, pg number
... 14. What are the benefits of the US free-enterprise system to producers and consumers? 2.2 15. What are the goals of US economic policy? 2.3 16. Why are scarcity and choice basic economic problems? 2.3 17. How do laws against false advertising promote economic equity? And which of the economic goals ...
... 14. What are the benefits of the US free-enterprise system to producers and consumers? 2.2 15. What are the goals of US economic policy? 2.3 16. Why are scarcity and choice basic economic problems? 2.3 17. How do laws against false advertising promote economic equity? And which of the economic goals ...
Chapter 1 Vocabulary Activity
... 1. Why does investing in human capital make sense both on broad economic and individual scale? (human capital) 2. What factor of production is thought of as the driving force in the economy, and why? (entrepreneur) 3. Why are land, capital, labor, and entrepreneurs important for a producer? (factors ...
... 1. Why does investing in human capital make sense both on broad economic and individual scale? (human capital) 2. What factor of production is thought of as the driving force in the economy, and why? (entrepreneur) 3. Why are land, capital, labor, and entrepreneurs important for a producer? (factors ...
1st Quarter, Unit 2: Economics Fundamentals (Ch
... Be able to define or explain: factors of production: land (natural resources) labor (human resources) capital (factories, machines, tools) resource opportunity cost good capital significance of scarcity in econ importance of choice consumption allocation productivity costs and benefits Pig Pri ...
... Be able to define or explain: factors of production: land (natural resources) labor (human resources) capital (factories, machines, tools) resource opportunity cost good capital significance of scarcity in econ importance of choice consumption allocation productivity costs and benefits Pig Pri ...