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Published byMyra Burlison
Modified over 7 years ago
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?
Unit 4 4th Grade Social Studies Vocabulary
The American Free Market System
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.
Types of Economic Systems
The American Economic System
Basic Principles of Economics It is study of how individuals, families and businesses use limited resources to fulfill their unlimited wants.
The way a group of people produce and distribute goods and services.
Economic Systems Section 2.2 Scarcity of economic resources forces every country to develop an economic system that determines how resources will be used.
Traditional Economy Closely tied to the environment
3 Economic Questions Every country must answer these 3 questions
Introduction to Business Introduction to Business Economic Resources and Systems.
Read to Learn Describe the three basic economic questions each country must answer to make decisions about using their resources.
Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE1 CHAPTER Satisfying Needs and Wants Economic Choices Economic.
What is an Economy? Free Enterprise System Standard 1 Objective 2.
Economic Systems Defined and Explained
TYPES OF ECONOMIES. TRADITIONAL ECONOMY Economic decisions are made according to long established ways of doing things and are unlikely to change. Example:
Capitalism and Free Enterprise
LESSON 1-3 Economic Systems
Chapter 1 Business Principles. WHAT IS BUSINESS?
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