Aubrey Hon, Anastacia Cunningham by AUBREY HON

Definitions

anastaciacunningham26 — 2024-01-17 14:03:16 UTC

economics- Economics is the study of scarcity, its use of resources, production of goods and services and growth of production over time.
economic systems- An economic system is how societies or governments organize and distribute resources, services, and goods across a region
factors of production- Natural, Labor,Capital,Entrepreneurial
price- How much does something cost.
supply- a resource a person provides with the necessary amount of that resource.
demand- how much do consumers want stuff.
equilibrium price- A compromise so it's equal for both consumers and producers.
market economy- When the government doesn't have any control over what gets provided to the people
command economy- When the government has complete control over what gets provided to the people
mixed economy- A mix of market and command

Economic Questions and what they do

aubreyhon27 — 2024-01-17 14:04:26 UTC

1) What to produce?

-What kind of goods and services should be produced.

2)How to produce?

-What productive resources are used to produce goods and services.

3)For whom to produce?

-Who gets to have the goods and services.

Types of Economies

aubreyhon27 — 2024-01-18 13:39:23 UTC

Market Economy

-Some advantages to a market economy are fostering innovation, variety, and individual choices. Some disadvantages are poor work conditions.

-Some countries that use the market economy are the U.S, U.K, Japan and Germany.

Mixed Economy

-Some advantages in a mixed economy are free market, supply and demand, and capitalism. Some disadvantages to a mixed economy are government regulation and excessive taxing.

- U.S, U.K, Germany, France, Russia, and China.

Command Economy

Advantages to a command economy

-They make it equal for everyone

-You will always be in work because the government picks your job

Disadvantages

-There is not a lot of freedom when you want something for yourself

-It can cause you be unhappy and lose motivation in life

Countries that have a command economy: North Korea,Communist Cuba

Price, Supply & Demand

anastaciacunningham26 — 2024-01-18 13:57:01 UTC

When the curve of supply and the curve of demand intersect its equilibrium. The equilibrium is where the producers change the price to where it profits the producer but people still buy their product.

How does a market system decide what will be produced?

aubreyhon27 — 2024-01-18 13:57:26 UTC

A market system decides what to produce by any competition of other market systems and the pressure of supply and high demand.

In a market system, what determines how many goods and services an individual can buy?

anastaciacunningham26 — 2024-01-18 13:59:20 UTC

A person's income and how much they want it determines the goods and services they're willing to buy.

Some nations can produce more goods with fewer workers than other countries that have more workers. How can that be true?

aubreyhon27 — 2024-01-18 14:00:34 UTC

In some counties that have fewer workers but produce more goods is because the technology used in those countries is more high tech. This increases worker productivity.

aubreyhon27 — 2024-01-18 14:02:02 UTC

anastaciacunningham26 — 2024-01-18 14:02:29 UTC

aubreyhon27 — 2024-01-18 14:02:54 UTC