Economics

What is supply?

• how much of something that is available

• people who perform labor

• value of an item

• money

What is Gross Domestic Product (GDP)?

• The value of what is given up for something.

• How much a currency (money) is worth in terms of another.

• The value of all goods and services produced in a country in one year.

Market Economy

• Economic decisions are made by the Government

• Economic decisions are made by Consumers & Producers (buyers and sellers)

• All economic decisions are based on customs, traditions, & beliefs of the past.

• This economy is based on a mixture of the other three economies

Traditional Economy

• Economic decisions are made by Consumers & Producers

  (buyers and sellers)

• Economic decisions are made by the Government

• This economy is based on a mixture of the other three economies

• All economic decisions are based on customs, traditions, & beliefs of the past.

Command Economy

• Economic decisions are made by Consumers & Producers

  (buyers and sellers)

• All economic decisions are based on customs, traditions, & beliefs of the past.

• Economic decisions are made by the Government

• This economy is based on a mixture of the other three economies.

Trading something for something else - no currency involved

• demand
• barter
• goods
• market

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Tags

CCSS.RI.6.2

CCSS.RL.6.1

CCSS.RL.6.2

CCSS.RL.7.1

CCSS.RL.7.2

another word for money

• barter
• economics
• currency
• price

The resources required to make a product (good or service)

• economics
• consumption
• four factors of production
• scarcity