o how does scarcity influence the decisions people make? o what is the difference between a need and...
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o How does scarcity influence the decisions people make?
o What is the difference between a need and a want?
o How does Opportunity Cost and the Law of Scarcity effect decision making?
o Where do different economies fall on the economic spectrum?
o How does surplus and shortage influence price?o How does supply and demand
affect price in a market economy?o Why is economic interdependence an important concept in today’s world economy?
Economy: The interaction between producers and consumers
Economics:The social science that deals with making choices about our resources, including time and money.
Producer: Those who make or manufacture goods or services to sell.
ConsumerA person who buys or rents goods or services.
Production/Consumption Possibilities
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Economicsneedwantlaw of scarcityproducerconsumerfactors of productionsupply
demandlaw of supplylaw of demandpriceequilibrium pointsurplusshortageEconomic interdependence
Key Terms
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Open notebooks and date 12/08
If you want to start a business, what 3 questions do you have to ask yourself?
Why do you have to ask these questions?
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Open notebooks and date 12/09Copy the Economic Spectrum
Government Interference
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Capitalism(Free Market)
Communism(Command Economy)
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Open notebooks and date 12/10
1. What are the two types of economies?
2. Why does the government interfere in a market economy?