3 - FORS MARS 1100 - Economics & Conservation - students

3 - FORS MARS 1100 - Economics & Conservation -...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Economics Social science concerned with the production , distribution , and consumption of goods and services Study of how people and groups make decisions about what outputs (products = ) will be produced using which inputs (resources, capital, labor, technology )
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 Economic Systems Command economies government controls (owns factories /sets prices) Communism Market economies supply and demand controls – potential for profit Capitalism Subsistence or hunter/gatherer non-monetary China is becoming a market economy (video)
Background image of page 2
3 Economic Systems Law of Supply and Demand price of a product (good or service) is determined by supply and demand If Demand > Supply, then price INCREASES If Demand < Supply, then price DECREASES If the price moves in response to supply and demand then the price is elastic
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4 Production Possibility Frontier Production Possibility Frontier : A graph showing the possible combinations of
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 12

3 - FORS MARS 1100 - Economics &amp;amp; Conservation -...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online