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Download UNIT 1: FUNDAMENTAL ECONOMICS – THE BASICS
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Transcript
UNIT 1: FUNDAMENTAL ECONOMICS How are economic choices influenced by complex interactions of market conditions and individual priorities? How does scarcity cost people when making choices? Why is it important to allocate our scarce productive resources wisely? Why is the PPC important in the interpretation of costs and benefits? What role does the government have in the various economic systems? Why are certain goals important for the different systems? Production Possibilities Curve Scarcity Factors of Production Private ownership Trade-off Wants v. needs Land Consumer sovereignty Marginal Cost Opportunity cost Labor Command (communism) Marginal Benefit Rational decisions Capital Market Incentive Entrepreneurship Mixed (Capitalism) Efficiency How does specialization and voluntary exchange between buyers and sellers increase the satisfaction of both parties? Public goods Standard of living Specialization Specialization Division of labor Non-fraudulent/voluntary exchange Productivity Product market Resource market Barter How does the circular flow model illustrate the flow of money, products, and resources through the economy? Medium of exchange H F
