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Basic_Econ_Systems__Class_2_

Basic_Econ_Systems__Class_2_ - Decide what to produce How...

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Sectors of the U.S. Economy Transportati on & Utilities $676 (9%) Finance & Insurance $1,570 (22%) Other Services $1,656 (23%) Source: U.S. Department of Commerce Wholesale & Retail Trade $1,276 (18%) Mining $120 (1%) Agricultu re $132 (2%) Constructi on $329 (5%) Manufacturi ng $1,379 (20%) Service Sector (in $ billions) Goods Producing Sector (in $ billions)
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Factors Of Production Natural Resources Human Resources (Labor) Capital Entrepreneurs
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Communism Planned system FOP owned/controlled by State State owns Industries Profits not recognized State decides occupation State sets prices
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Capitalism or Free-Market System Right to Ownership Entitled to all profits Right to choose job Decide what to produce How to produce To whom to sell Who sets prices?
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The Relationship Between Supply and Demand
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Socialism State owns basic industries Some private industries Profits in private sector
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Economic Systems Capitalism or Free-Market System Right to ownership Entitled to all profits Right to choose job
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Unformatted text preview: Decide what to produce How to produce Whom to sell to Som Planned system State owns basic industries Some private industries Profits only in private sector State influence job choice Communism Planned system State owns industries Profits not recognized State decides occupation Types Of Competition • Pure Competition : Multiple buyers and sellers exist. No one group or groups can become large enough to influence prices • Monopolistic Competition : Large number of sellers, none can dominate the market. • Oligopoly : Industry is dominated by only a few producers . • Monopoly: There is only one produce of a product in a given market. Key Terms to Understanding the Economy • Gross Domestic Product (GDP) (“ Where”) • Gross National Product (GNP) (“ Who”) • Consumer Price Index (CPI) • Producer Price Index (PPI) • Recession...
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