chp 3 zupi reading notes (econ).docx - Reading Notes 1 What goods and services are produced is important to be answered because of scarcity a society

chp 3 zupi reading notes (econ).docx - Reading Notes 1 What...

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Reading Notes 1. What goods and services are produced is important to be answered because of scarcity, a society can’t produce everything it's people might want. It helps society look at the bigger picture, and figure out what is needed to be produced to fulfill the people’s wants. How goods and services should be produced should be answered because because it will help determine what goes into making the product. It determines the Land, Labor, and Capital should be utilized. For whom is the good and services to be produced should be answered because it is important to figure out who gets what. Producing a variety of ways so that everyone that can afford a hat can get a hat is also important. 2. Economic stability is most important because without stability we have nothing to go off of. If our economy is unstable then it is harder to produce goods and no production means no jobs. Full employment is next because with more people means more production and service building up our economy. Economic freedom is next because if the government gets too involved then we won’t be able to dictate what happens for our economy.
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  • Fall '16
  • Craig Zupi
  • Communism, Economic system, Planned economy

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