Presentation is loading. Please wait.

Presentation is loading. Please wait.

The Three Fundamental Questions... How will the goods be produced? What will be produced? Who will get the goods and services? ECONOMICS AT WORK.

Published byRoderick Walsh Modified over 9 years ago

Similar presentations

Presentation on theme: "The Three Fundamental Questions... How will the goods be produced? What will be produced? Who will get the goods and services? ECONOMICS AT WORK."— Presentation transcript:

1 The Three Fundamental Questions... How will the goods be produced? What will be produced? Who will get the goods and services? ECONOMICS AT WORK

2 ECONOMIC PRODUCTS Consumer Goods Capital Goods Services

3 FACTORS OF PRODUCTION

4 PROPERTY RESOURCES LAND SCARCE RESOURCES ECONOMIC RESOURCES

5 PROPERTY RESOURCES LAND CAPITAL SCARCE RESOURCES ECONOMIC RESOURCES

6 PROPERTY RESOURCES LAND CAPITAL SCARCE RESOURCES ECONOMIC RESOURCES

7 PROPERTY RESOURCES LAND CAPITAL HUMAN RESOURCES SCARCE RESOURCES ECONOMIC RESOURCES

8 PROPERTY RESOURCES LAND CAPITAL HUMAN RESOURCES LABOR SCARCE RESOURCES ECONOMIC RESOURCES

9 PROPERTY RESOURCES LAND CAPITAL HUMAN RESOURCES LABOR ENTREPRENEURIAL ABILITY SCARCE RESOURCES ECONOMIC RESOURCES

10 ENTREPRENEURIAL ABILITY Takes The Initiative Makes Strategic Business Decisions Innovator The Risk Bearer

Download ppt "The Three Fundamental Questions... How will the goods be produced? What will be produced? Who will get the goods and services? ECONOMICS AT WORK."

Similar presentations

What is Economics? Economics can be defined as the Social Science concerned with the Problem of administering or using Scarce Resources so as to attain.

What is Economics? Economics can be defined as the Social Science concerned with the Problem of administering or using Scarce Resources so as to attain.
PRODUCTION 7.01: Describe the basic factors of production such as land, labor, capital, and entrepreneurial skills and their impact on economic activities.

PRODUCTION 7.01: Describe the basic factors of production such as land, labor, capital, and entrepreneurial skills and their impact on economic activities.
1 C H A P T E R What Is Economics?.

1 C H A P T E R What Is Economics?.
The Market System and Circular Flow ECO 2013 Chapter 2 Prof. Maria Mari 2007.

The Market System and Circular Flow ECO 2013 Chapter 2 Prof. Maria Mari 2007.
2 - 1 Copyright McGraw-Hill/Irwin, 2002 The Foundation of Economics Employment and Efficiency Unemployment, Growth, and the Future Economic Systems The.

2 - 1 Copyright McGraw-Hill/Irwin, 2002 The Foundation of Economics Employment and Efficiency Unemployment, Growth, and the Future Economic Systems The.
2 - 1 The Foundation of Economics Factors of Production Employment and Efficiency Production Possibility Curves Economic Systems The Circular Flow Model.

2 - 1 The Foundation of Economics Factors of Production Employment and Efficiency Production Possibility Curves Economic Systems The Circular Flow Model.
SESSION 1: SCARCITY and CHOICE (DECISIONMAKING) TALKING POINTS SCARCITY and CHOICE (DECISIONMAKING) 1.Economics is fundamentally about scarcity—not having.

SESSION 1: SCARCITY and CHOICE (DECISIONMAKING) TALKING POINTS SCARCITY and CHOICE (DECISIONMAKING) 1.Economics is fundamentally about scarcity—not having.
Economics Vocabulary Unit 2.

Economics Vocabulary Unit 2.
Circular Flow Diagrams

Circular Flow Diagrams
The Market System and the Circular Flow 2 C H A P T E R.

The Market System and the Circular Flow 2 C H A P T E R.
The Economizing Problem Economic Systems Lecture 3 & 4 Dominika Milczarek-Andrzejewska.

The Economizing Problem Economic Systems Lecture 3 & 4 Dominika Milczarek-Andrzejewska.
Economics – What is it? 1. Economics—What is it? Social science—why? Because it deals with people and their choices. Social science—why? Because it deals.

Economics – What is it? 1. Economics—What is it? Social science—why? Because it deals with people and their choices. Social science—why? Because it deals.
The Four Factors of Production (CELL)

The Four Factors of Production (CELL)
Limited Productive Resources and Unlimited Wants Preparing to Teach HS Economics 2014.

Limited Productive Resources and Unlimited Wants Preparing to Teach HS Economics 2014.
Factors of Production What to do with the fundamental economic problem of scarcity?

Factors of Production What to do with the fundamental economic problem of scarcity?
1 Limits, Alternatives, and Choices McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

1 Limits, Alternatives, and Choices McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
ECONOMIC RESOURCES Also called: Factors of Production and Economic Inputs.

ECONOMIC RESOURCES Also called: Factors of Production and Economic Inputs.
The Factors of Production Game

The Factors of Production Game
What is Economics?.

What is Economics?.
Chapter 1.1 notes.

Chapter 1.1 notes.

Similar presentations

Ads by Google