Characteristics- custom, rituals, family
Agriculture lies at the heart of economy
Based on habit or custom
Involves family working to support itself
Tends to be the poorest nations
Examples- hong kong, singapore
Needs - basic necessities.
Wants - the desires people have.
Economics study - how people meet their needs and wants by how they make
Goods - objects that we buy.
Services - activities perfo
And his ideas.
BOOK - the wealth of nations. (1776)
First to identify the FOP.
Called for restrictions on the role of government in the economy.
Laissez Faire - let them do as they please.
People left to themselves will produce more wealth of j
Because all resources are limited, every society must answer these three
What should be produced?
How should it be produced?
Who should consume the produced goods?
First identify the determinant (Shifter). Then
decide if demand will increase or decrease
Hamburgers (a normal good)
Incomes fall due to recession
Price for Carne Asada burritos falls to $1
Sponge: Wednesday, September 25
Do individuals supply or demand?
Do businesses supply or demand?
Who demands in the product market?
Who supplies in the product market?
Finish test corrections this week! Today or
Friday after school, or tomorr
Unit 1: Basic
Explain relationship between scarcity and choices
Differentiate between positive & normative
Differentiate between price and cost
Explain the Invisible Hand of Capitalism
Differentiate between con
Characteristics of the Ideal Classroom
1. Fun and Meaningful
2. No Busy Work
4. Energy and
6. Varied Instruction with
7. Clear Expectation
8. Student Input Valued
Types of Businesses
Explain: A sole proprietorship is the simplest form of business and is
when the business and owner have no legal separation; an example of this is
Advantages: The advantages of sole propr
2. Hong Kong
3. United Kingdom
How it works:
1. Canadas economy runs much like the U.S does, although their system also
combines private enterprise with government regulation. Canada is a high
Market: based on voluntary exchanges in the market
Individuals and privately owned businesses own the factors of production.
Command: The central government owns the means of production and
America's Economic Doom: Documentary on the National Debt and
Crumbing Economic System
1. People buy things they need from people who need to make money to buy the things
that they need
2. Foreclosure is skyrocketing
3. Unemployment is rising
Types of Business Organizations
1. Business is any org. involved in the trade of goods, services, or both to
2. Manufacturers, entertainers, service
3. Businesses are all driven by profit (the difference between the cost and
Third Presidential Debate 2016 | Clinton, Trump on Growing the Economy
we have to make NATO and allies pay up
renegotiate trade deals: free trade
NAFTA sucks and it makes businesses leave the country
cut business taxes
Business Analysis: Sweetie Pies Ribeyes
1. Type of business: cooperation
2. Owner: Paul Vineyard
3. How do they meet the wants and needs of the people of Decatur?
Sweetie Pies provides food and service to the people of Decatur. The
3 December 2010
The Wealth of Nations
The book I chose to read for this assignment was The Wealth of Nations by Adam Smith.
Out of the five books within The Wealth of Nations, I chose to read b
CPI Data Assignment
After completing my data table and looking to see if the prices of my twenty items
changed from September 23 to November 17, I noticed there was almost no change in any of the
prices. There were only two price changes that
CPI Data Assignment
GA Peace Lilies 6 in.
Canada Orange Bell
FF Cedar Grilling
WC Mahi Burgers
Small Shrimp tray