APPLIED ECONOMICS - G12

STUDYING INDIVIDUAL AND BUSINESS DECISIONS

• MACROECONOMICS

• MICROECONOMICS

• ECONOMICS

• SCARCITY

"WE DESIRE APPEARS TO BE IN LIMITED SUPPLY, THE PERCEPTION OF ITS VALUE INCEREASES SIGNIFICANTLY"

• LAW OF NATURE

• LAW ECONOMICS

• LAW OF SCARCITY

• LAW OF GOVERNMENT

THE EXHCANGE OR CHOOSING BETWEEN ALTERNATIVES

• TRADE - OFF

• OPPORTUNITY COST

• SCARCITY

• GOODS AND SERVICES

ANYTHING THAT YIELDS SATISFACTION TO SOMEONE

• TANGIBLE GOODS

• INTANGIBLE GOODS

• SCARCITY

• GOODS

PRODUCE GOODS / DEMAND PRODUCTIVE FACTORS

• PRODUCERS

• CONSUMER

• PUBLIC SECTORS

• TADE - OFF

THE INSUFFICIENCY OR INADEQUACY OF ECONOMIC RESOURCES AND AS A RESUIT, WE HAVE TO DECIDE AND CHOOSE.

• SCARCITY

• TRADE-OFF

• GOODS

• SERVICES

RESOURCE ARE OWNED AND CONTROLLED BY INDIVIDUALS.

• COMMAND PLANNED ECONOMY

• TRADITIONAL ECONOMY

• MARKET ECONOMY

• MIXED ECONOMY

COMBINES ASPECTS OF BOTH CAPITALISM (MARKET) AND SOCIALISM (COMMAND)

• MARKET ECONOMY

• COMMAND / PLANNED ECONOMY

• TRADITIONAL ECONOMY

• MIXED ECONOMY

PEOPLE HAVE THE FREEDOM TO PRODUCE AND/OR CONSUME IN ANY WAY AMOUNT THEY WANT.

• MARKET ECONOMY

• COMMAND / PLANNED ECONOMY

• TRADITIONAL ECONOMY

• MIXED ECONOMY

PEOPLE DO NOT HAVE THE POWER TO DECIDE ON WHAT, HO, AND FOR WHOM TO PRODUCE.

• MARKET ECONOMY

• COMMAND/ PLANNED ECONOMY

• TRADITIONAL ECONOMY

• MIXED ECONOMY