What is the Basic Economic Problem?
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1 What is the Basic Economic Problem?
2 Economic Systems and Resources Chapter 2
3 Economics study of society; analyzes production, distribution, consumption of goods/services
4 Natural Resources Human Resources Capital Resources Entrepreneurial Resources Factors of production all components necessary to produce a society s goods/services Scarcity shortage of resources
5 Natural Resources Human Resources Capital Resources Entrepreneurial Resources Natural Resources raw materials found in nature Renewable can be reproduced Nonrenewable can t be reproduced
6 Natural Resources Human Resources Capital Resources Entrepreneurial Resources Human Resources knowledge, efforts, and skills people bring to their work, also called labor Skilled, unskilled Physical, intellectual
7 Natural Resources Human Resources Capital Resources Entrepreneurial Resources (Real)Capital Resources things used to produce goods/services, like buildings, material & equip. Not capital, as in money (money is financial capital) Ex: Delivery truck, supermarket
8 Natural Resources Human Resources Capital Resources Entrepreneurial Resources Entrepreneurial Resources the initiative to improve goods and services or create new ones Ex: Henry Ford, Bill Gates, Steve Jobs
9 Sue and Andrew decide to set up a smoothie bar at school as a fundraiser for their track team: What Four Factors of Production are involved.
10 3 Basic Economic Questions all nations and societies must answer! 1) What should be produced? 2) How to produce? 3) For whom to produce?
11 The Nation s or Society answer to the 3 economic questions is determined by its economic System! 1) Market Economy 2) Command Economy 3) Mixed Economy
12 Building the Bridges to a sustainable Recovery Read Article Underline/highlight key points Write a summary of the article in your own words, incorporating 6 of the following vocabulary Words: Scarcity *Human Resources Opportunity cost *Entrepreneurial Resources Natural Resources *Capital Resources Economy *Factors of Production
13 Marketplace Supply, Demand & Equilibrium Supply & Demand Graph Capitalism Market economy system in which economic decisions are made in the marketplace according to the laws of supply & demand
14 Marketplace Supply, Demand & Equilibrium Supply & Demand Graph Capitalism Marketplace - anywhere money exchanges hands Ex: Dept. Store, Supermarket, NYSE
15 Marketplace Supply, Demand & Equilibrium Supply & Demand Graph Capitalism Supply amt. of goods/services that producers will provide at various prices Demand amt. of goods/services that consumers are willing to buy at various prices Equilibrium price price at which the amt. supplied = amt. demanded
16 Marketplace Supply, Demand & Equilibrium Supply & Demand Graph Capitalism P = Price Q = Quantity
17 Marketplace Supply, Demand & Equilibrium Supply & Demand Graph Capitalism Capitalism (also called private enterprise system) market economy system in which resources are privately owned Own your home, land, business Minimal gov t control Ex: US, Japan
18 Communism Socialism Advantages Disadvantages Command Economy system in which a central authority such as the state makes the key economic decisions (2 types)
19 Communism Socialism Advantages Disadvantages Communism a strong command economy where the state makes all the economic decisions Ex: Vietnam, China, Cuba
20 Communism Socialism Advantages Disadvantages Socialism a moderate command economy where there is some form of private enterprise Ex: France, Sweden
21 Communism Socialism Advantages Disadvantages Advantages Equal standard of living State provides job, place to live, healthcare Goods/services distributed evenly State provides utilities, transportation, defense Less poverty
22 Communism Socialism Advantages Disadvantages Disadvantages Little choice of what to buy Luxuries often unavailable Prices & wages fixed by state Skilled workers often earn the same as unskilled workers No incentive for entrepreneurship
23 Factors of Production Circular Flow Chart Market Economy Command Economy Mixed Economy Mixed Economy combination of a market & command economy State takes care of people s needs, while the marketplace takes care of people s wants
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