Economics 1
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| show | The study of of people and choices.
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| show | 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 | show 🗑
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| What is a Business? | show 🗑
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| What is the basis for our Standard of Living? | show 🗑
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| show | There is a risk in everything in business, but we take that risk in the hopes of making a profit.
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| show | If revenue minus expenses is negative, you lose money. If it’s positive, you made money (profit).
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| show | 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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| show | Owners/managers have no control over external forces or the economy (competition, economics, technology, environmental, global, demographics, political/legal).
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| show | 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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| show | The organized way a nation provides for the needs and wants of its people.
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| show | 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 | show 🗑
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| Factors of Production: Capital | show 🗑
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| Factors of Production: Entrepreneurship | show 🗑
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| show | 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? | show 🗑
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| show | Land. Auto Ex.) Rubber (plant), oil, glass, wires, chips, leather, gas, plastic, cotton, coal, paint, iron, steel, glass (sand)
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| show | Entrepreneurship. Auto Ex.) Dealership owners, manufacturer company owners, investors, people like Henry Ford
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| show | Capitalism
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| show | Communism
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| What are the 4 factors of Production? | show 🗑
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Created by:
battertonr
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