Download How we get what we want

yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Document related concepts

Channel coordination wikipedia, lookup

False advertising wikipedia, lookup

The Modern Corporation and Private Property wikipedia, lookup

How we get what we want...
4066 Basic Economics
Modified from
Georgia Agricultural Education Curriculum Office
Leanne Brown
 business
 demand
 competition
 dividend
 consumer
 economic system
 free enterprise
 economics
 money
 risk
 price
 supply
What is economics?
 The study of how people get what they want
 Includes producing goods and services and getting
them to people
 Governments have systems to care for people
 Work is required to produce and make money
 Includes supply, demand, prices & money
How does price effect
 Price is the amount of money involved in
buying and selling a good or service
– worth of the item in money
What importance does
money play in economics?
 Money is anything exchanged for goods or
– currency is money used in a country
– the value of money is how much it will buy
– change in prices can cause change in the value
of money
Explain the economic system.
 Economic system is how people go about
going business
– how things are created, owned or exchanged
Different Economic Systems
 All countries have economic systems just
modified in some way to meet their
particular needs
– capitalism versus communism
– major differences are based on property
ownership and control
Explain free enterprise.
 Free enterprise the a way of doing business
in the United States
– allows for business to work with minimum
governmental control
– allows people to work and make money for
– many people own property
Describe business ownership.
 A business is a person or group that
produces and / or sells goods and services
 People who own businesses take risks
– a risk is the possibility of losing what has been
– but you also can get benefits from a risk
• you can make money
What choices are available
within free enterprise?
 You can chose what to produce, buy and sell
 You can set your price and be somewhat
 Decisions require a lot of information
What kind of control issues
are present in free enterprise?
 Few government controls
 You can run the business as you chose - but
dishonesty is unacceptable
 Standards are imposed
– help keep food clean and measured
– people want a full portion of what they pay for
Who are consumers?
 Determine what business produce
– if consumers won’t but a product it won’t be
 A consumer is a person, business or agency
that uses goods and services
– all consumers have limited money and must
decide how it will be spent
What is competition?
 Consumers will choose what they like best
compared with it’s cost
 Competition allows consumers to choose
between similar products
What is a dividend?
 Profit paid to a stockholder in a corporation
What is Supply and Demand?
 Supply is the amount of goods or services
 Demand is the amount of product that will
be sold at a given price