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

Define Economics

How are decisions made in Market, Command and Traditional economies?

What is a mixed economy?

What are the Factors of Production?

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?

Explain what scarcity is.

PricesSupplyDemand

What is the relationship between:

What are goods?

What is an investment?

What?How?For whom…who gets it?

What 3 questions are answered by economic systems?

What is Gross Domestic Product?

Natural resourcesEmploymentLiteracy rateClimatePolitical issues….war, revolution, treaties, trade agreements(tariffs, quotas,etc)Geography…

Factors that increase/decrease GDP

What is inflation?

Water, sewer serviceRoads, traffic controlPublic services: Police, Fire, EMTschoolsMedical facilitiesEntertainment

What is meant by standard of living?List some characteristics:

What is literacy rate? How does it impact a country’s economy?

TariffQuotaEmbargo

Name the 3 major barriers to trade?

This is an example of ?

Iraq invades Kuwait. All members of the European Union express their outrage buy cutting off all trade with Iraq.

This is an example of ?

Imported snake-head fish from China are being set loose in US rivers and streams. These fish are killing all other fish in the area. The US government adds a 50.00 import fee on each snake-head fish imported into the US.

This is an example of?

Imported champagne from France is hurting the business of California’s wine producers. The US sets a 1500 bottle limit on the number of imported bottles from France.

Which country?

Mixed market, former Command economy, high poverty, crime, corruption, many natural resources, not an EU member

Which country?

Founding EU member, high standard of living, many exports, Eastern half is still recovering from being part of the Soviet Union’s command economy

Which country?

Mixed-market economy, EU member, London is very important Financial trade center, does not use the Euro

What is a partnership?

What is a corporation?