Study of how goods and services are produced, distributed and consumed.
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Transcript of Study of how goods and services are produced, distributed and consumed.
![Page 1: Study of how goods and services are produced, distributed and consumed.](https://reader030.fdocuments.in/reader030/viewer/2022013008/5a4d1bee7f8b9ab0599e5217/html5/thumbnails/1.jpg)
Study of how goods and services are produced, distributed and consumed
Define Economics
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How are decisions made in Market, Command and Traditional economies?
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What is a mixed economy?
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What are the Factors of Production?
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Sammi buys a glue machine for his shoe factory expansion
Ivan buys a coal mine to get coal for his steel mill……What is the coal?
Rob sends the mechanics in his shop to a 2 week school about auto GPS repair
What are the Factors of Production?
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Explain what scarcity is.
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PricesSupplyDemand
What is the relationship between:
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What are goods?
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What is an investment?
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What?How?For whom…who gets it?
What 3 questions are answered by economic systems?
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What is Gross Domestic Product?
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Natural resourcesEmploymentLiteracy rateClimatePolitical issues….war, revolution, treaties, trade agreements(tariffs, quotas,etc)Geography…
Factors that increase/decrease GDP
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What is inflation?
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Water, sewer serviceRoads, traffic controlPublic services: Police, Fire, EMTschoolsMedical facilitiesEntertainment
What is meant by standard of living?List some characteristics:
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What is literacy rate? How does it impact a country’s economy?
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TariffQuotaEmbargo
Name the 3 major barriers to trade?
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This is an example of ?
Iraq invades Kuwait. All members of the European Union express their outrage buy cutting off all trade with Iraq.
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This is an example of ?
Imported snake-head fish from China are being set loose in US rivers and streams. These fish are killing all other fish in the area. The US government adds a 50.00 import fee on each snake-head fish imported into the US.
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This is an example of?
Imported champagne from France is hurting the business of California’s wine producers. The US sets a 1500 bottle limit on the number of imported bottles from France.
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Which country?
Mixed market, former Command economy, high poverty, crime, corruption, many natural resources, not an EU member
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Which country?
Founding EU member, high standard of living, many exports, Eastern half is still recovering from being part of the Soviet Union’s command economy
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Which country?
Mixed-market economy, EU member, London is very important Financial trade center, does not use the Euro
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What is a partnership?
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What is a corporation?