Economics 1
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| Economics | The study of of people and choices.
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| The Opportunity Cost of a certain activity is... | the value or benefit given up by engaging in that activity instead of engaging in an alternative activity. Whatever you give up to do something.
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| Scarcity | The tension between infinite wants and finite resources. The difference between wants and needs and available resources.
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| What is a Business? | A business is an organization that strives for a profit by providing goods and services desired by its customers. Businesses play a key role in determining our quality of life by providing jobs and goods and services to society.
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| What is the basis for our Standard of Living? | Businesses create the goods and services that are the basis of our standard of living. The standard of living of any country is measured by the output of goods and services people can buy with the money they have.
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| Risk | There is a risk in everything in business, but we take that risk in the hopes of making a profit.
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| Revenue/Expenses/Profit | If revenue minus expenses is negative, you lose money. If it’s positive, you made money (profit).
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| Internal Environment | Business owners and managers have a great deal of control over the internal environment of business, which covers day-to-day decisions (choose supplies, employees they hire, products they sell, and where they sell them).
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| External Factors | Owners/managers have no control over external forces or the economy (competition, economics, technology, environmental, global, demographics, political/legal).
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| 3 Questions a country must answer: | Which goods and services should be produced?
How will they be produced?
Who will get the goods and services that are produced?
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| Economic System | The organized way a nation provides for the needs and wants of its people.
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| Factors of Production: Land | Includes everything contained in the earth or found in the seas
Ex) Coal, crude oil, lakes, trees, plants, soil, natural resources
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| Factors of Production: Labor | Refers to all the people who work. Also known as human resources. Ex.) full/ part time workers, private and public sectors, training, education, and workforce.
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| Factors of Production: Capital | Includes money to start and operate a business, and all the goods used in the production process. Ex.) -Factories, office buildings, computers, tools, machinery, assets, raw materials, infrastructure (airports, phones, buildings, etc.)
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| Factors of Production: Entrepreneurship | Refers to the skills of people who are willing to invest their time and money to run a business. They use all of the factors of production to create goods and services that are part of the economy. Ex.) Employers
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| Which factor of production deals with the money and infrastructure of production? | Capital. Auto Ex.) Building- factory, money, transportation,
Tools, machinery, dealership, offices, computers, sponsors, ads
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| Which factor of production deals with human resources and education? | Labor. Auto Ex.) Car salesman, maufacturers, engineers, testers,
managers, factory/construction workers, truck drivers, pilots
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| Which factor of production deals with the natural resources used in production? | Land. Auto Ex.) Rubber (plant), oil, glass, wires, chips, leather, gas, plastic, cotton, coal, paint, iron, steel, glass (sand)
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| Which factor of production deals with the person taking the risk of starting the business? | Entrepreneurship. Auto Ex.) Dealership owners, manufacturer company owners, investors, people like Henry Ford
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| Free Market goes with which Political System? | Capitalism
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| Planned Economy goes with which Political System? | Communism
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| What are the 4 factors of Production? | Land, Labor, Capital, and Entrepreneurship
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