1. What to produce? 2. How to produce? 3. For whom to produce?

Economic Terms

1. What to produce?

2. How to produce?

3. For whom to produce?

Questions All Economic Systems Must Answer:

Customs and habits of the past help people decide what to produce, how to produce, and for whom to produce.

Traditional Economy

Government planning groups make the basic economic decisions.

Command Economy

Economic decisions are guided by changes that occur between buyers and sellers in the market place.

Market Economy

There is NO PURE COMMAND or MARKET Economy!!!

Cuba Germany U.K.

Mixed Economy

TARIFF – a tax on imports (goods shipped into a country)

Trade Barriers

Quota – a limit placed on the number of imports that may enter a country

Trade Barriers

Embargo – a government order to stop trade with another country

Trade Barriers

an area where there are NO tariffs between the countries in the zone

The European Union is an example of a Free Trade Zone.

Free Trade Zone

27 countries in Europe that work together to be a more powerful force in the world.

When together, they have more people, more$, and more land area. (This helps smaller European countries be more powerful.)

European Union (E.U.)

The money people use to make trade easier

U.S.A. – U.S. Dollars

Russia – Rubles

Much of Europe – Euro

Currency

the stuff, or people, that are necessary for businesses

Human Capital – workers

Physical Capital - supplies

Capital

the total of all the goods and services produced in a country in one year

Gross Domestic Product (GDP)

Without natural resources, countries must import what they need from other countries.

Natural Resources

someone who risks his/her own money and time to create a business to make a profit

Entrepreneur

The economic level of people in a country

HIGH LOW

Standard of Living

the percentage of a country’s people who can read and write

Literacy rate affects a country’s standard of living!!

Literacy Rate

1. What to produce? 2. How to produce? 3. For whom to produce?

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Transcript of 1. What to produce? 2. How to produce? 3. For whom to produce?

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