Commercial Revolution: Economics changing from Traditional Economies to Market Economies.
Economies. Economics Supply of human skills, natural goods, and capital goods.
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Transcript of Economies. Economics Supply of human skills, natural goods, and capital goods.
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Economies
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Economics
Supply of human skills, natural goods, and capital goods
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Goods and Services
Products or services sold to a consumer or another industry
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Gross domestic productGDP
• The total amount of goods and services produced in a country
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Four Factors of Production
• Human capital• Capital goods• Natural Resources• Entrepreneurship
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Human capital
The value that peoplebring to the workplace
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Capital goodsGoods used to make products
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Natural resources
Resouces that come from the Earth such as trees, fresh water,Soil, plants or animals
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entrepreneurship
A person who takes on the risk and possible reward of operating a new business
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Types of economies
• Traditional• Command• Market
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Traditional economy
• Economy dominated by methods and techniques that have strong social support even though they may be out of date
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Command economy
• An economy that is planned and controlled by a central administration
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Market economy
• Economy that operates by voluntary exchangein a free market and is not planned or controlled by a central authority—a capitalistic economy
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Types of capital investments
• Factories• Machinery• Technology
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Trade Barriers
• Tariffs• Quotas• Embargoes
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Tariffs
• Taxes on goods coming into a country
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quotas
• Limits on the number of goods that can be imported from a certain country
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embargo
Ban on trade with another country