economics review ce 11
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Economics Review CE 11. Today we will review the Economic concepts we have learned thus far. Each of you will answer a question for 5 bonus points on your quiz. READY????? HERE WE GO……. This is the combining of natural, capital human and entrepreneurship resources. . Production. - PowerPoint PPT PresentationTRANSCRIPT
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Economics Review CE 11
![Page 2: Economics Review CE 11](https://reader035.vdocument.in/reader035/viewer/2022062305/56815abe550346895dc88293/html5/thumbnails/2.jpg)
Today we will review the Economic concepts we have learned thus far
Each of you will answer a question for 5 bonus points on your quiz
READY?????
HERE WE GO……
![Page 3: Economics Review CE 11](https://reader035.vdocument.in/reader035/viewer/2022062305/56815abe550346895dc88293/html5/thumbnails/3.jpg)
This is the combining of natural, capital human and entrepreneurship resources.
Production
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Give two characteristics of a TRADITIONAL ECONOMY
• Economic decisions are based on custom
• People perform the same work as their parents and grandparents
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This is the amount of good or service available.
Supply
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What are the FOUR economic systems?
Traditional Free MarketCommand
Mixed
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This economic principle says we can not satisfy all our needs at the same time.
Scarcity
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What are the 3 economic questions ALL societies must answer?
What will be produced?Who will produce it?& For whom will it be
produced?
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Name THREE characteristics of a FREE MARKET
• Private ownership of property/resources• Profit Motive• Competition
• Consumer Sovereignty • Choice
• Minimal government involvement
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Why do people risk their cash and resources to start a business?
To make a profit!!
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Name two characteristics of a COMMAND ECONOMY
• Central ownership by the government of ALL resources and property
• Centrally planned economy
• Lack of consumer choice
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In a Free Market how much is the government involved in the private sector?
Very little
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What type of economy is the United States? And what are some of its characteristics?
• The United States is a MIXED economy
• The government is in control of the public sector
• Individuals are in charge of the private sector
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What is profit?
Your earnings after all your expenses have been paid
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How is “price” determined?
By the interaction between supply and demand
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This is what is given up when a choice is made
Opportunity Cost
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What are incentives? –and give an example of one : )
Things that motivate you to buy or not buy
things. Incentives are used to change
economic behavior.
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Why is competition good in the marketplace?
Competition between sellers results in better
quality goods and services at lower prices
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The factors of production used to make things are called….
Resources
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In the United States economic decisions are made by who?
The people AND the government
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In a Mixed economy who controls the Private Sector?
The People
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This is the amount of good or service that consumers are willing to buy at a certain price
Demand
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Joseph’s father is a cattle farmer and so was his grandfather. Joseph wants to be a
computer programmer, but can’t. What kind of economy is Joseph a part of?
A traditional economy
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Individuals must make a __________ about what goods and services they will use because goods and services are limited.
choice
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What do we call the using up of goods and services?
Consumption
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What do you use to study for tomorrows quiz?
•Your Notes #2,#3 & #4
•Your SOL packet 11a, 11b & 11c