Economics.

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Presentation transcript:

Economics

The Factors of Production Natural Resource Capital Resource Human Resource Entrepreneur

Scarcity There are not enough resources for everyone to have everything that they want. Scarcity means that resources are limited Do we have a scarcity of Dog poop in the room? What about $100 bills?

Because Resources are scarce 3 economic questions must be asked What to produce? How to Produce it? And for Whom to Produce (Who gets what is made)?

There are two basic types of Economic Systems that answer those questions Market Economy Command Economy

Market Economy Consumers and Producers own the resources and decide how to best use them and who gets them Key words: Price Competition

Command Economy The Government owns the resources and therefore the government decides who gets what Key Words Control Orders Command Limits

This makes sense If you own your own house what can you do with it? If you rent your house what can you do with it?