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SS101_ECONOMICS - ECONOMICS SS101 production,distribution,...

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ECONOMICS SS101 economics- study on how the society provides for its material needs production, distribution, and consumption of goods and services things that permit a society to survive and prosper  I. The Economic Problem Organize the society in some way Allocate production   decide what’s going to be produced Production: o By Whom o What What do people need and want How output is suppose to be divided relies on similar cultural  factors  Distribution o Figuring out some way to access to what the society produces However much economy, you cant forget economies are human social creations 
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What makes the economy work is the human beings itself Success in solving economic problems is a necessity for a healthy society Turning point in development  II. Complex Economies Surplus & Specialization o Surplus- society together was able to produce enough so that some of  the things that people needed could be saved for later and not have to  be consumed right away o Not everyone had to watch out for their survival  o Specialization Merchants, soldiers   added up to social classes and social  stratification Fewer people directed their efforts to the needs of their family,  the whole society continued to get more complex and more  specialized  Wealth & Money o Wealth- the relative abundance of the goods and services that a given  society produces
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SS101_ECONOMICS - ECONOMICS SS101 production,distribution,...

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