Basic_Econ_Systems__Class_2_

Basic_Econ_Systems__Class_2_ - Decide what to produce How...

Info iconThis preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon
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)
Background image of page 1

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

View Full DocumentRight Arrow Icon
Factors Of Production Natural Resources Human Resources (Labor) Capital Entrepreneurs
Background image of page 2
Communism Planned system FOP owned/controlled by State State owns Industries Profits not recognized State decides occupation State sets prices
Background image of page 3

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

View Full DocumentRight Arrow Icon
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?
Background image of page 4
The Relationship Between Supply and Demand
Background image of page 5

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

View Full DocumentRight Arrow Icon
Socialism State owns basic industries Some private industries Profits in private sector
Background image of page 6
Economic Systems Capitalism or Free-Market System Right to ownership Entitled to all profits Right to choose job
Background image of page 7

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

View Full DocumentRight Arrow Icon
Background image of page 8
Background image of page 9
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

This note was uploaded on 06/03/2008 for the course BUSN 70 taught by Professor Williams,richard during the Spring '08 term at Santa Clara.

Page1 / 9

Basic_Econ_Systems__Class_2_ - Decide what to produce How...

This preview shows document pages 1 - 9. Sign up to view the full document.

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