economics. needs vs. wants factors of production list the factors of production, define and explain...
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![Page 1: Economics. Needs vs. Wants Factors of Production List the factors of production, define and explain in the next three slides](https://reader030.vdocuments.us/reader030/viewer/2022032606/56649ead5503460f94bb48c9/html5/thumbnails/1.jpg)
Economics
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Needs vs. Wants
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Factors of Production
• List the factors of production, define and explain in the next three slides.
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Natural Resources
• Define, list examples.
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Human Resources
• Define, list examples.
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Capital Resources
• Define, list examples.
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Scarcity
• Define, explain, give an example.
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Decision Making Process
• List the steps in the decision making process.
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Three Basic Economic Questions
• List the three basic economic questions.
![Page 10: Economics. Needs vs. Wants Factors of Production List the factors of production, define and explain in the next three slides](https://reader030.vdocuments.us/reader030/viewer/2022032606/56649ead5503460f94bb48c9/html5/thumbnails/10.jpg)
Types of Economies
• List and briefly explain the four types of economies.
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Capitalism
• Define and list the four key characteristics.
![Page 12: Economics. Needs vs. Wants Factors of Production List the factors of production, define and explain in the next three slides](https://reader030.vdocuments.us/reader030/viewer/2022032606/56649ead5503460f94bb48c9/html5/thumbnails/12.jpg)
Supply and Demand
• Define supply, define demand, explain how supply and demand interact.
![Page 13: Economics. Needs vs. Wants Factors of Production List the factors of production, define and explain in the next three slides](https://reader030.vdocuments.us/reader030/viewer/2022032606/56649ead5503460f94bb48c9/html5/thumbnails/13.jpg)
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).
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Business Cycle
• Define it, list the four steps.
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Business Cycle Illustration
• Create an illustration of the business cycle.
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Measuring the Economy
• List and explain Gross Domestic Product, Unemployment Rate, and Consumer Spending.
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Inflation
• Define it, explain how it affects the economy, discuss the Consumer Price Index (CPI).
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Interest Rates
• Define it, explain how interest rates affect the economy, give examples.
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Global Economy
• Explain how the economy has become global.
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Expanding Globally
• List and explain the four ways to expand globally.
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Credits
• List your sources of information and pictures here.