Economy in the world. Definition of Economy Economy-The way that goods services are produced &...

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Economy in the world

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Transcript of Economy in the world. Definition of Economy Economy-The way that goods services are produced &...

Page 1: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Economy in the world

Page 2: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Definition of Economy

•Economy-The way that goods services are produced & distributed

Page 3: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Buying and Selling• Producers- People who

provide services & make goods people buy

• Consumers- People who buy goods or use services

• Economy is the all activities of producers and consumers

• Opportunity Cost- The value of the item you didn’t buy

Page 4: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Economics System• Free enterprise system-

People can own & run own businesses– America runs on this system

• Command economies-Gov’t will decide what will be produced & the price

FREE ENTERPRISE

SYSTEMVS.

COMMAND ECONOMIES

Page 5: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Bell Work

•What type of economic system do we have?

Page 6: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Economics Systems• Free enterprise system– America runs on this system

– Entrepreneurs- People who run own businesses

– Profits- Money business makes after pays for cost of business

– Investments- Money that is put into a business to help it succeed

Page 7: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

GDP• Gross Domestic Product (GDP)-

The cost of all goods & services added up in any country–U.S.A. in the trillions of dollars

Page 8: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Marketplaces• Supply and Demand

– Supply-The amount of any product or service available at any time.

– Demand- How much of a product or service people want to buy

• Low supply=high price

• High supply=low price

• Low demand=low price

• High demand=high price

Page 9: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Bell Work

•What does Supply and Demand mean?

Page 10: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Local Economy• Jobs and resources in the particular area

• Examples– Rural economy may be based on farming– Port economy may be based on fishing or

tourism

• Manufacturing economies- Based on making products

• Service economy- Based on providing services

• Local economies are a mixture

Page 11: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Global Economy• All countries need products and

services from other countries

• Interdependent- Independent, but also rely on others

• Exports- When one country sends its products to another country

• Imports- When a country buys goods & bring them across the border

• Trading expands the nations

Page 12: Economy in the world. Definition of Economy Economy-The way that goods services are produced & distributed.

Homework Assignment• I want you to think about 1 product

you have used either today or that you use each day.

• I want you to decide & write who would be the producer of that product.

• I also want you to decide/write who the intended consumer would be and why they would be the consumer.

• This needs to be a ½ page long explanation


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Real GDP: Percent change from preceding quarter · Gross domestic product (GDP) is the value of the goods and services produced by the nation’s economy less the value of the goods

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3 Questions. 3 questions every society must answer allocation of resources What goods shall be produced? How will the goods be produced? For whom will.

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Measuring the Macroeconomy Gross Domestic Product (GDP) Measures What? Newly produced final goods and services. Where? Goods and services produced within.

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Measuring the State of the Economy Gross domestic product (GDP) is the market value of the final goods and services (g&s) produced in an economy over a.

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National Income The value of the output of goods and services produced in an economy over a period of time Increases in National Income mean that the economy.

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