economics. needs vs. wants factors of production list the factors of production, define and explain...
TRANSCRIPT
Economics
Needs vs. Wants
Factors of Production
• List the factors of production, define and explain in the next three slides.
Natural Resources
• Define, list examples.
Human Resources
• Define, list examples.
Capital Resources
• Define, list examples.
Scarcity
• Define, explain, give an example.
Decision Making Process
• List the steps in the decision making process.
Three Basic Economic Questions
• List the three basic economic questions.
Types of Economies
• List and briefly explain the four types of economies.
Capitalism
• Define and list the four key characteristics.
Supply and Demand
• Define supply, define demand, explain how supply and demand interact.
Supply and Demand Determine Price
• Explain how supply and demand determine price, give examples (for example if supply is low and demand is high, price will be high).
Business Cycle
• Define it, list the four steps.
Business Cycle Illustration
• Create an illustration of the business cycle.
Measuring the Economy
• List and explain Gross Domestic Product, Unemployment Rate, and Consumer Spending.
Inflation
• Define it, explain how it affects the economy, discuss the Consumer Price Index (CPI).
Interest Rates
• Define it, explain how interest rates affect the economy, give examples.
Global Economy
• Explain how the economy has become global.
Expanding Globally
• List and explain the four ways to expand globally.
Credits
• List your sources of information and pictures here.