Learning Economics

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LearningEconomics
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Economics
the study of how resources are managed in the
production, exchange, and use of goods and
services
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Market

• The place or atmosphere in which goods or
  services are sold or exchanged

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Producer

• Anyone who makes goods
• or
• provides a service

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Consumer

• Anyone who buys goods or services

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Goods
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Services
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Supply

• The amount of a product or service that producers
  have to sell

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Demand

• The amount of a product or service that consumers
  want to purchase

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The things that are needed for production to
occur are called....
Factors of Production
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1 Human Resources

• The People needed to perform a task

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2 Natural Resources

• The raw materials needed to make products

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3 Capital Resources

• The tools and machines, money and buildings
  needed to make products.

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Scarcity

• When a resource is in limited or short supply

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Help Wanted
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TheUnited States Economy
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Free Enterprise orMarket Economy
Economy where business owners compete in the
market with little government interference.
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How can you tell how well a countrys economy is
doing?
GDP Gross Domestic Product
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What is Gross Domestic Product??????????
It is the total value of the goods and services
that a country produces each year.
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2002 GDPTop 5 Countries
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Global Economy
Expanding trade among countries can open new
markets and keep prices low and quality high for
consumers.