1. What to produce? 2. How to produce? 3. For whom to produce?

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Economic Terms

description

 Customs and habits of the past help people decide what to produce, how to produce, and for whom to produce.

Transcript of 1. What to produce? 2. How to produce? 3. For whom to produce?

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Economic Terms

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1. What to produce?

2. How to produce?

3. For whom to produce?

Questions All Economic Systems Must Answer:

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Customs and habits of the past help people decide what to produce, how to produce, and for whom to produce.

Traditional Economy

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Government planning groups make the basic economic decisions.

Command Economy

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Economic decisions are guided by changes that occur between buyers and sellers in the market place.

Market Economy

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There is NO PURE COMMAND or MARKET Economy!!!

Cuba Germany U.K.

Mixed Economy

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TARIFF – a tax on imports (goods shipped into a country)

Trade Barriers

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Quota – a limit placed on the number of imports that may enter a country

Trade Barriers

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Embargo – a government order to stop trade with another country

Trade Barriers

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an area where there are NO tariffs between the countries in the zone

The European Union is an example of a Free Trade Zone.

Free Trade Zone

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27 countries in Europe that work together to be a more powerful force in the world.

When together, they have more people, more$, and more land area. (This helps smaller European countries be more powerful.)

European Union (E.U.)

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The money people use to make trade easier

U.S.A. – U.S. Dollars

Russia – Rubles

Much of Europe – Euro

Currency

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the stuff, or people, that are necessary for businesses

Human Capital – workers

Physical Capital - supplies

Capital

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the total of all the goods and services produced in a country in one year

Gross Domestic Product (GDP)

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Without natural resources, countries must import what they need from other countries.

Natural Resources

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someone who risks his/her own money and time to create a business to make a profit

Entrepreneur

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The economic level of people in a country

HIGH LOW

Standard of Living

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the percentage of a country’s people who can read and write

Literacy rate affects a country’s standard of living!!

Literacy Rate


3 Basic Economic Questions What to produce How to produce it For whom to produce it Why do we need to answer these questions? Because wants often outweigh.

3 Basic Economic Questions What to produce How to produce it For whom to produce it Why do we need to answer these questions? Because wants often outweigh.

Economics in Asia. All Economic Systems seek to answer the three basic economic questions 1) What to produce? 2)How to produce? 3) For whom to produce?

Economics in Asia. All Economic Systems seek to answer the three basic economic questions 1) What to produce? 2)How to produce? 3) For whom to produce?

The IMF balance sheet approach: towards from-whom-to-whom ...

The IMF balance sheet approach: towards from-whom-to-whom ...

E-Discovery Sample Forms & Pleadings · PDF fileE-Discovery Sample Forms & Pleadings ... • To better understand opposing party’s technical ... For whom should the party produce

E-Discovery Sample Forms & Pleadings · PDF fileE-Discovery Sample Forms & Pleadings ... • To better understand opposing party’s technical ... For whom should the party produce

Essential Question: How do economic systems answer the questions of what, how, and for whom to produce?

Essential Question: How do economic systems answer the questions of what, how, and for whom to produce?

INDIRECT OBJECT PRONOUNS: To whom or for whom something is done…

INDIRECT OBJECT PRONOUNS: To whom or for whom something is done…

The IMF balance sheet approach: towards from-whom-to-whom ... · The IMF Balance Sheet Approach: towards from-whom-to-whom information on cross -border portfolio securities . potential

The IMF balance sheet approach: towards from-whom-to-whom ... · The IMF Balance Sheet Approach: towards from-whom-to-whom information on cross -border portfolio securities . potential

Chapter 2 · Chapter 2 - Limits, AlTernatives and Choices Three Fundamental Questions: What to produce? How to produce? For whom to produce? There is no free lunch - Because there

Chapter 2 · Chapter 2 - Limits, AlTernatives and Choices Three Fundamental Questions: What to produce? How to produce? For whom to produce? There is no free lunch - Because there

UNIT 1 - EconomicsUNIT 1 Final Review Three Fundamental Questions of Economics WHAT to produce HOW to produce FOR WHOM to produce Need vs. Want Need: basic requirement for survival

UNIT 1 - EconomicsUNIT 1 Final Review Three Fundamental Questions of Economics WHAT to produce HOW to produce FOR WHOM to produce Need vs. Want Need: basic requirement for survival

Economics EOTC Review- Part 1. What are the three basic questions faced by people who produce products? What to produce? How to produce? For whom.

Economics EOTC Review- Part 1. What are the three basic questions faced by people who produce products? What to produce? How to produce? For whom.

Major Concepts Major Concepts What to Produce? What to Produce? How to Produce it? How to Produce it? For Whom to Produce it? For Whom to Produce it?

Major Concepts Major Concepts What to Produce? What to Produce? How to Produce it? How to Produce it? For Whom to Produce it? For Whom to Produce it?

Economic Systems - Mr. Tyler's Lessons · Economic Systems •Economic System - the method used by a society to produce and distribute goods ... how to produce it, and to whom to

Economic Systems - Mr. Tyler's Lessons · Economic Systems •Economic System - the method used by a society to produce and distribute goods ... how to produce it, and to whom to

How Markets Work ECO 285 - Dr. D. Foster. Three (Economic?) Questions: 1. What to produce? 2. How to produce? 3. For whom to produce? must We must decide!

How Markets Work ECO 285 - Dr. D. Foster. Three (Economic?) Questions: 1. What to produce? 2. How to produce? 3. For whom to produce? must We must decide!

ECONOMICS What to produce? How to produce? For whom to produce?

ECONOMICS What to produce? How to produce? For whom to produce?

Economic Systems. All Economic Systems seek to answer the three basic economic questions 1) What to produce? 2) How to produce? 3) For whom to produce?

Economic Systems. All Economic Systems seek to answer the three basic economic questions 1) What to produce? 2) How to produce? 3) For whom to produce?

KM C364e-20171121102256 - Total Produce Local · 2017. 11. 23. · supply chain through which produce is delivered and in the integrity of those from whom it is sourced. Ours is a

KM C364e-20171121102256 - Total Produce Local · 2017. 11. 23. · supply chain through which produce is delivered and in the integrity of those from whom it is sourced. Ours is a

Pearson Edexcel International GCSE Economics · AWhat to produce, How to produce, For whom to produce B What to produce, When to produce, For whom to produce C What to produce, How

Pearson Edexcel International GCSE Economics · AWhat to produce, How to produce, For whom to produce B What to produce, When to produce, For whom to produce C What to produce, How

Economics Unit 4 - Macroeconomics - Georgia Standards · questions of what to produce, how to produce, and for whom to produce. a. Compare traditional, command, market, and mixed

Economics Unit 4 - Macroeconomics - Georgia Standards · questions of what to produce, how to produce, and for whom to produce. a. Compare traditional, command, market, and mixed

Whom to Exclude,Whom to Prefer: The Immigration Reform Act of … · 2012. 11. 26. · CHAPTER 6 Whom to Exclude,Whom to Prefer: The Immigration Reform Act of 1965 Often, the changes

Whom to Exclude,Whom to Prefer: The Immigration Reform Act of … · 2012. 11. 26. · CHAPTER 6 Whom to Exclude,Whom to Prefer: The Immigration Reform Act of 1965 Often, the changes

educationhp.orgeducationhp.org/Files/Instruction.pdf10_51_2017_12_07_08.pdfThe concerned candidate shall have to produce a character certificate from a Gazetted Officer to whom he/she

educationhp.orgeducationhp.org/Files/Instruction.pdf10_51_2017_12_07_08.pdfThe concerned candidate shall have to produce a character certificate from a Gazetted Officer to whom he/she