Study of how goods and services are produced, distributed and consumed.

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Presentation transcript:

Study of how goods and services are produced, distributed and consumed

Sammi buys a glue machine for his shoe factory expansion Ivan buys a coal mine to get coal for his steel mill……What is the coal? Rob sends the mechanics in his shop to a 2 week school about auto GPS repair What are the Factors of Production?

Prices Supply Demand What is the relationship between:

What? How? For whom…who gets it? What 3 questions are answered by economic systems?

Natural resources Employment Literacy rate Climate Political issues….war, revolution, treaties, trade agreements(tariffs, quotas,etc) Geography… Factors that increase/decrease GDP

Water, sewer service Roads, traffic control Public services: Police, Fire, EMT schools Medical facilities Entertainment What is meant by standard of living? List some characteristics:

Tariff Quota Embargo Name the 3 major barriers to trade?

This is an example of ?

Which country?