Economics Unit 1 Slides 1-17

The economy performs best with minimal government interaction in the market.

• Free Trade Policy

• Fair Trade Policy

The economy performs best with targeted government intervention to ensure 3% economic growth per year.

• Free Trade Policy

• Fair Trade Policy

Anyone who uses resources.

• Consumer

• Producer

• Investor

• Saver

• Voter

Anyone who puts money into a business with the expectation of getting that money back with interest.

• Consumer

• Producer

• Investor

• Saver

• Voter

Anyone who utilizes resources to create goods and services.

• Consumer

• Producer

• Investor

• Saver

• Voter

Anyone who makes a choice to purchase or not purchase goods and services.

• Consumer

• Producer

• Investor

• Saver

• Voter

Anyone who hold on to resources for later use.

• Consumer

• Producer

• Investor

• Saver

• Voter

The condition that occurs because human wants and needs are unlimited, while resources needed to meet these wants and needs are limited.

• Capitalism

• Microeconomics

• Macroeconomics

• Scarcity

Factors of Production:

The effort that people devote to a task for which they are paid.

• Land

• Labor

• Capital

• Entrepreneurship

This person put forth the idea of free markets and how they operate.

• Elon Musk

• Adam Smith

• Karl Marx

• John Maynard Keynes