Economics

What are the two strands of economics?

• Microeconomics and Macroeconomics

• Small and big economics

• Land, labour, capital, enterprise

Define what a need is

• Something that you want

• Something you need for survival

• Relative scarctity

• Money

What is opportunity costs?

• Opportunity to gain money

• The labour provided to create a product

• Second choice or alternative choice

• Supply and demand

What are the four factors of production?

• people, planet, profit

• Money, markets,,entrepreneur, objects

• Land, people, money, markets

• Land, labour, capital, enterprise

What is a market economy?

• Where everyone is equal

• Consumers influence the types of goods and services

• The government are involved with everything

• Environment is important

What is a planned economy?

• Government decides how resources can be used

• Consumers decide the goods and services

• Communism

• Socialism

In a socialist society...

• Resources own themselves

• Animals owns all the resources

• The government owns all resources

• Everyone owns goods and services

In a capitalist society...

• The government owns all the resources

• The government make all the decisions

• Decisions are made by the ungrateful cat

• All resources are privately owned

Karl Marx had a theory about...

• Communism

• Socialism

• Objectivism

• fascism

What is a traditional economic system?

• People own their own assets

• People are rich

• People are self-sufficient

• Country owns the resources