2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt “ I ” See Starts with “S” “W” OW.

Slides:

Advertisements

Similar presentations

Unit 4 4th Grade Social Studies Vocabulary

Advertisements

The Circular Flow Model

Economics Jaguar’dy VocabMore Vocab True or False MiscResources Final.

POB 1.03 Part 1 Understand business in the global marketplace.

Circular Flow and Gross Domestic Product

1 Circular Flow Model : : Lets Simplify It. 2 Private Sector Circular Flow.

Chapter 5 Aggregate Output, Prices, and Economic Growth

How money changes hands!.  In the Circular Flow Model there are 2 groups:  Households (the people)  Firms (companies and businesses)

 Product Market: This market consists of households/individuals/ consumers  Resource/Factor Market: consists of businesses/firms who produce goods and.

Principles of Macroeconomics

Introduction to Business © Thomson South-Western ChapterChapter Economic Activity Measuring Economic Activity Economic Conditions Change.

Economic Systems Section 2.2 Scarcity of economic resources forces every country to develop an economic system that determines how resources will be used.

2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt FillInTheBlanks!!!!

Economic Systems Chapter 3 Why are economic systems needed? Rules of the game! Rules of the game! Standard incentives Standard incentives Understanding.

Economic Resources And Systems

Characteristics of Market Economy

Intro to Business Final Exam – Ch 1-3 Test Review.

ECONOMICS NOTES Chapter 1 Chapter 1. What is the basic economic problem? SCARCITY.

There are 4 different types of economic systems: 1. Market economic system (pg R32) - this is an economic system based on individual choices and voluntary.

Product and Resource Markets

Unit 6 Economics America’s Market Economy

Circular Flow Diagrams

Unit 2 – The United States Economy

Economics. Economics What is Economics? is the study of how we produce and distribute our wealth.

Circular Flow in Economics

Learning Objectives: Measuring the Economy LO1: Understand the circular flow of national income LO2: Explain the concept of equilibrium and why national.

Unit 7a Economics.

2-1Measuring Economic Activity 2-2Economic Conditions Change 2-3Other Measure of Business Activity.

Module 10 Mar  It is a diagram of a simplified representation of the macro-economy.  National income and product accounts or national accounts.

Modeling the Economy. Actors: 1. Consumers 2. Financial Institutions 3. Businesses 4. The Government 5. The Foreign Sector.

Economics “The Basics of Economics”. Part I: The Basic Terms of Economics.

The Circular Flow of Economic Activity. Consumers w Consumers play 3 roles in the economy Consumer -- user of goods and services. Free to choose. Can.

What is Economics?  An economic system is a country’s way of using limited resources to provide goods and services.  Scarcity means that there is never.

Circular Flow Lesson 2, Activity 5 1. Give three examples of resource owners. Answers will vary, answer can be anyone who has land, labor, capital or entrepreneurship.

A SIMPLE ECONOMY – the 1800s SECTORSUSE NOWIGNORE FOR NOW Households Businesses Government Foreign Households Businesses Government Foreign TYPES OF SPENDINGUSE.

Mini Society Review Test on May 7, What is the name for the thing you give up when you choose something over it?

Understanding the circular flow of income. HOUSEHOLDS RESOURCE OWNERS Business firms Money payments Income payments Wages, Rent, Interest, Profits Consumer.

The Circular Flow Model describes and shows how the economy interacts.

Economic Activity and Productivity

Chapter 17 Sec 2. Bell Ringer What do you do to get your pizza? What happens with the money you give the pizza shop? Name something the pizza shop owners.

Economics 1-2: ESSENTIAL QUESTION: How do goods and services flow between businesses, households, and government? GPS STANDARD: SSEM11- The student will.

Economics Key Terms Economics need want law of scarcity producer consumer factors of production supply demand law of supply law of demand price equilibrium.

Bell Ringer Activity Which economic system does the United States have? (Command, Market, or Mixed) Why do you think that?

What is Economics?. I. What is Economics? A. Definition: Economics is a social science that deals with how consumers, producers, and societies choose.

Chapter Seventeen The American Economy The Economic System ~~~~~ Making Business Decisions.

ECONOMIC SYSTEM COMPONENTS Private Ownership l Control of productive resources land labor capital that are used to produce goods and services.

Are you an Entrepreneur? Entrepreneurs make decisions for decisions for the business. They are good organizers and risk-takers Entrepreneurs decide who.

ECONOMICS UNIT 3 Economics The Social Science dealing with making choices about using resources and spending money Economy- country’s.

Basic Economics.

Circular Flow Diagrams Economists use the circular flow diagram to show the high degree of economic interdependence in our economy. Money flows in one.

Economics. Economic Basics Vocabulary: Economics: Study of how people meet their wants and needs Scarcity: Having a limited quantity of resources to meet.

ECONOMICS STANDARD ONE (a): Students will analyze how changes in technology, costs, and demand interact in competitive markets to determine or change the.

Warmup 4/12/12  What are the 4 factors of production?

Chapter 2 Economic Activity Lessons:  Economic Activity  Economic Conditions  Investing & Borrowing EQ: How do we measure the state of the economy?

Economics. economics of an individual  is an example of microeconomics.

Essential Standard 1.00 Understand the role of business in the global economy. 1.

How much are we producing and buying????. total value of all the goods and services produced in a country in a year.  This is one way to measure a country’s.

Essential Standard 1.00 Understand the role of business in the global economy. 1.

Chapter 2 1 Basic Economics ChapterSkills for Success 2.

Economic Activity 8.03 Explain the circular flow of economic activities and how interactions determine the prices of goods and services. Part-time workers.

The Circular Flow of Income. The circular flow of income Here is what you should already know: the circular flow of ALL markets is characterized by the.

Essential Standard 1.00 Understand the role of business in the global economy. 1.

MEASURING ECONOMIC ACTIVITY

What is Economics?.

Unit 3: Supply, Demand, and Consumer Choice

Semester II Exam Review

Economic Terms Review.

Final Exam Review Unit 1: Economic Basics.

“ I ” See Starts with “S” “W” OW You “C” All Mixed Up 1pt 1 pt 1 pt

Presentation transcript:

2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt “ I ” See Starts with “S” “W” OW You “C” All Mixed Up

Goods brought in from another country.

What are imports?

Payments received that may be spent or save.

What is income?

A charge you pay for a loan, or money you make by letting the bank use your money

What is interest?

An upward movement of the general level of prices—can pay more and get less

What is inflation?

Each country needs the other countries to meet the needs and wants of its people

What is interdependence?

Shares in a company that are sold to the public

What are stocks?

The amount of items produced for sale

What is supply?

The part of your income not spent on goods or services

What are savings or surplus?

When many people want something, but there is a limited supply Ohio State Football

What is scarcity or shortage?

When only a very few products are made instead of many different products

What is specialization?

Payment for your labor

What are wages?

The use of mental or physical effort to produce a good or service

What is work?

The international organization dealing with global rules for trade

What is the World Trade Organization?

All of your assets capable of earning an income

What is wealth?

The organization that gives capital to developing countries

What is the World Bank?

One who buys or uses goods or services

Who are consumers?

Contest between two companies to win more customers

What is competition?

The sole legal right to sell a good (think music)

What is copyright?

The links between raw materials, suppliers, manufacturers and retailers

What is the Chain of Distribution or the Circular Flow of the Economy

Items used by households

What are consumer goods?

Goods and services sold to other countries

What are exports?

Any object that is capable of satisfying a human want

What are goods?

Making large amounts of goods

What is manufacturing?

All natural resources (minerals and other raw materials )

What is land?

All human resources-- workers

What is labor?