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Today we will review the Economic concepts we have learned thus far READY????? HERE WE GO……
This is the combining of natural, capital human and entrepreneurship resources.
Give two characteristics of a TRADITIONAL ECONOMY
This is the amount of good or service available.
What are the FOUR economic systems?
This economic principle says we can not satisfy all our needs at the same time.
What are the 3 economic questions ALL societies must answer?
Name THREE characteristics of a FREE MARKET
Why do people risk their cash and resources to start a business?
Name two characteristics of a COMMAND ECONOMY
In a Free Market how much is the government involved in the private sector?
What type of economy is the United States? And what are some of its characteristics?
What is profit?
How is “price” determined?
This is what is given up when a choice is made
What are incentives? – and give an example of one : )
Why is competition good in the marketplace?
The factors of production used to make things are called….
In the United States economic decisions are made by who?
In a Mixed economy who controls the Private Sector?
This is the amount of good or service that consumers are willing to buy at a certain price
Joseph’s father is a cattle farmer and so was his grandfather. Joseph wants to be a computer programmer, but can’t. What kind of economy is Joseph a part of?
Individuals must make a __________ about what goods and services they will use because goods and services are limited.
What do we call the using up of goods and services?
What do you use to study for tomorrows quiz?
Chapter 2 Economic Resources and Systems. 2.1 Economic Resources Societies have to deal with shortages of resources just as individuals do. Lack of resources.
WHAT IS AN ECONOMY?. Economy or Economic System The way a nation makes choices. These choices involve how the nation will use its resources to produce.
Unit 4 4 th Grade Social Studies Vocabulary Click here to go to begin Click here to go to begin.
Pretend the class is completely bare (no desks, no computers, no boards, etc.). Take 2 minutes to list what we would need to conduct class.
Economic choices We are faced with choices because we do not have enough productive resources to satisfy all of our wants and needs.
CHAPTER 1 The Economic Way of Thinking. KEY CONCEPTS Economics study of how people use resources to satisfy wants how individuals/societies choose to.
Welcome! Happy New Year!!! This is a time of new beginnings with so many exciting things to do and learn. So Welcome to Economics class! I am looking.
© Mark E. Damon - All Rights Reserved Directions: Scroll through the presentation and enter the answers (which are really the questions) and the questions.
Economic Systems. An economic system describes how a countrys economy is organized An economic system describes how a countrys economy is organized Because.
What is an Economy? Economy and Government Unit Economy Economy is the production and exchange of goods and services among a group of people. Economy.
3-1: ADVANTAGES OF FREE ENTERPRISE. What is a Free Enterprise System? Capitalism: economic system based on private ownership of the factors of production.
Presentation Pro © 2001 by Prentice Hall, Inc. Economics: Principles in Action C H A P T E R 2 Economic Systems.
Do Now Take out Apprentice HW and be ready to share Pick up a textbook from the open cabinet to the right of the room Read Business Building Blocks on.
What Is Entrepreneurship? Back to Table of Contents.
Economics: Principles in Action C H A P T E R 2 Economic Systems.
STANDARD: SS7E5 WHAT IS ECONOMICS?. WHICH WOULD YOU LIKE? OR $500 iPhone 5 $500 of Groceries.
Economic Systems. How Does An Economy Work? Nations must answer 3 basic Economic question: What goods and services should be produced? How should the.
Unit 1: Foundations of Economics What comes to your mind when you hear the word SCARCE? (video about scarcity)
Economic Systems 4 Types. What is a system? A system is a way of doing something Economic systems allow countries to produce and distribute goods/services.
CE.9b Economic Systems. CE.9b The type of economy is determined by…
The Harnessed Atom Lesson Nine Energy And You. What you need to know about Energy Decision-making: Standard of living Economics – Supply and demand Informed.
NEXT The Economic Way of Thinking. NEXT Chapter 1: The Economic Way of Thinking Scarcity is the situation that exists because wants are unlimited and.
Middle East Economics Study Guide 1. Copy homework in agenda: Review Study Guide nightly 2. Get out 2 sheets of notebook paper and label the first:
The U.S. Economy CE.11c. Questions 0 What are the essential characteristics of the United States economy?
Instructions To use this template: –for each slide write the correct answer on the orange bar first –choose which option (A,B,C or D) and make sure you.
Of. and a to the in is you that it at be.
© 2009 Delmar, Cengage Learning Chapter 2 Agricultural Economics and the American Economy.
Modules 7 – 8 Adam Smith and Economics. Economics Definition & History Economics is the social science that studies the a) production, b) distribution,
What did you do to earn some money this summer? Lets talk about it…. Did you make as much as you wanted to ?
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