 Economic system based on free enterprise in which businesses are privately owned, and production prices are determined by supply and demand.

Slides:



Advertisements
Similar presentations
5 th Grade Social Studies Economics. 1. People play different roles in economics __ producer, provider, consumer, and investor. The person working at.
Advertisements

Mrs. Samples 2009/2010 Social Studies
Social Studies 6th Grade
Trade and Economic Growth
Environmental Issues Facing the Middle East
Business in a Global Economy
Economics.
 The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus Irwin/McGraw-Hill 17-1 Macroeconomic and Industry Analysis Chapter.
Canadian Economy Unit 7. Economic Essentials Economics studies the production, exchange, and consumption of goods and services, all of which involve the.
Next >>. 2 A nation’s economic system greatly affects its trade relationships.
Unit 5 Africa Economic Vocabulary. Famine - A severe shortage of food, generally affecting a widespread area and large numbers of people and can be caused.
The Role of Government in the United States Economy How does the United States government promote and regulate competition?
Econ Vocab Review. Standard of Living Standard of Living Productive Capacity Productive Capacity Usage of resources Usage of resources Infrastructure.
There are 4 different types of economic systems: 1. Market economic system (pg R32) - this is an economic system based on individual choices and voluntary.
Economic Indicators Lauren Rudd January 9, Same store sales 01/9/20142.
Economics. Economics is the study of how people make their money and a study of choices. Which pair of shoes to buy – the ones on sale or the ones you.
The student will analyze different economic systems.
Essentials of Investments © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Fourth Edition Irwin / McGraw-Hill Bodie Kane Marcus 1 Chapter 12.
1. In the late 1700s the British government used the colony of Australia as: A. a location in which to build new factories. B. a prison to which criminals.
Read to Learn Describe the four types of economy that the United States has experienced. Describe what is shown by GDP, the unemployment rate, rate of.
Knowledge Connections
What is Economics?  An economic system is a country’s way of using limited resources to provide goods and services.  Scarcity means that there is never.
International Business. What is International Business? Dealing with all commercial transactions (private and governmental, sales, investments, logistics,
Bell Ringer Activity Based on history, what has happened each time our economic system faced change?
Economics Gorfien © Economics The study of how people make things to meet their needs and wants. The study of how people make things to meet their.
Figure 8.2 The Gains from Free Trade at Home Feenstra and Taylor: International Economics, First Edition Copyright © 2008 by Worth Publishers.
Social Studies OGT Review Economics. Types of Economies Command – all economic decisions made by the government Market – business privately owned Mixed.
ECONOMIC SYSTEM COMPONENTS Private Ownership l Control of productive resources land labor capital that are used to produce goods and services.
Economic Vocabulary Terms. What is Economics? Social science that seeks to describe the factors which determine the production, distribution and consumption.
FISCAL CLIFF & ECONOMIC INDICATOR By: Claire Murray.
Circular Flow of Money. 1. Low and stable inflation in the general level of prices. 2. High and stable employment. 3. Economic growth in the national.
How are these things alike?. How are they different?
The study of how people, businesses, and societies choose to use scarce resources to satisfy their unlimited wants.
United States v Canada Economy:. What type of Economy do we have? North America has a free enterprise/market economy. The government plays a limited role.
Where one grows their own food and makes their own goods. Trade amongst others to obtain what they need. Mostly in remote areas.
Budgets and Businesses Workshop. Budget: is a plan that shows income, spending and saving. Income: Spending: Saving:
Economics. Economic Basics Vocabulary: Economics: Study of how people meet their wants and needs Scarcity: Having a limited quantity of resources to meet.
Age of Exploration – Mercantilism Export 1. Export 2. Import 2. Import 3. Mercantilism 3. Mercantilism 4. Capitalism 4. Capitalism 5. Market Economy.
ECONOMY FORCES IN EUROPE Standards SS6E1, SS6E2, SS6E3, SS6E5, SS6E6, SS6E7.
Economics. economics of an individual  is an example of microeconomics.
Economic Systems. What is an economic system? It is a system that describes how a country’s economy is organized Every country needs a system to determine.
2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Microeconomics U.S. Macroeconomics.
Economics. What is Economics? Economics is the study of the production, distribution, and use of goods and services. There are 3 basic questions that.
Visit Us: Visit Us:
The Commercial Revolution. Economic factors leading towards “The Commercial Revolution” The global trading of new foods and animals Europeans established.
European Expansion and Business Notebook # 6 Analyze the beginnings of capitalism, and the ways it was affected by mercantilism, the developing market.
Canada III Canada Today. Market Economy  Allows people to own, operate, and profit from their own business  It is a free price system based on supply.
European Expansion and Business Standard and
European Expansion and Business
Chapter 26- Comparing Economic Systems
Economic Systems.
Economy.
GDP, Spending, and Economic Growth
Economic Systems.
The International Economy
What is economics?? Anyone….Anyone…Bueller….Bueller.
Knowledge Connections
Resources, Technology, and World Trade
Trade and Economic Growth
Economic Changes Today I will identify the changes made to European economies as a result of the Enlightenment.
Vocab #5 – U.S. and Canada: The Economy
7. 2. spi. 1. recognize basic economic concepts (i. e
Population, Sovereignty, and Economy
Population, Sovereignty, and Economy
Trade and Economic Growth
Resources and Trade.
Knowledge Connections
7. 2. spi. 1. recognize basic economic concepts (i. e
Navigation acts.
GDP, Spending, and Economic Growth
Presentation transcript:

 Economic system based on free enterprise in which businesses are privately owned, and production prices are determined by supply and demand

 Goods produced for sale

 Suitable for growing crops

 Total control of a type of industry by one person or company

 The merging of resources management systems in which countries are interconnected and dependent upon one another for goods and services  Trade between countries with no or little restriction

 Spending more money on imports than earning from exports

 Tax on imports or exports

 Earning more money on imports than earning from exports

 The practice of subcontracting manufacturing work to outside companies, especially foreign or nonunion companies

 Process by which a body of water becomes too rich in dissolved nutrients, leading to plant growth that depletes oxygen