Mrs. Finley
Essential questions:
How did the need and want for resources cause conflict, compromise and negotiation which impacted the economic development of various civilizations?
How did the availability of resources affect the economic choices made by various civilizations?
How did civilizations economic choices increase or decrease a person’s quality of life?
How did the need and want for resources cause conflict, compromise and negotiation which impacted the economic development of various civilizations?
How did the availability of resources affect the economic choices made by various civilizations?
How did civilizations economic choices increase or decrease a person’s quality of life?
Vocabulary:
Economics- a social science concerned with description and analysis of the production, distribution, and consumption of goods and services
Trade- the act or process of buying, selling, or exchanging commodities
Quality of life- the general well-being of individuals and societies
Resources- a source of supply
Natural Resources-are something from nature that people can use such as trees, land, water, animals, minerals, etc
Human Resources-are the people who make and sell your products.
Capital Resources-are tangible goods that are used to create additional goods rather than be purchased by consumers.
Supply and Demand-relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
Scarcity-the shortage of supply; unlimited human wants in a world of limited resources.
Bartering- trading without using money.
Four Types Economic Systems:
Traditional Economy-The production of goods and services are based on a particular society’s traditional customs or beliefs; people will make what they have always made and will do the same work their parents did; exchange of goods is done through bartering.
Command Economy- The central or state government determines the goods produced, prices of goods, services provided and the wages of workers. Typically found in communist governments.
Market Economy--an economic system in which economic decisions are guided by the changes in prices that occur as individual buyers and sellers interact in the marketplace to determine the sale of goods (based on what the people want and what they are willing to pay). Based on free enterprise and competition between manufacturers.
Mixed Economy-market + command = mixed; there are no pure command or market economies. To some extent, all economies demonstrate characteristics of both. Most economies are closer to one or the other. Businesses own most of the resources and determine how to produce, but the government regulates how to produce.
Economics- a social science concerned with description and analysis of the production, distribution, and consumption of goods and services
Trade- the act or process of buying, selling, or exchanging commodities
Quality of life- the general well-being of individuals and societies
Resources- a source of supply
Natural Resources-are something from nature that people can use such as trees, land, water, animals, minerals, etc
Human Resources-are the people who make and sell your products.
Capital Resources-are tangible goods that are used to create additional goods rather than be purchased by consumers.
Supply and Demand-relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
Scarcity-the shortage of supply; unlimited human wants in a world of limited resources.
Bartering- trading without using money.
Four Types Economic Systems:
Traditional Economy-The production of goods and services are based on a particular society’s traditional customs or beliefs; people will make what they have always made and will do the same work their parents did; exchange of goods is done through bartering.
Command Economy- The central or state government determines the goods produced, prices of goods, services provided and the wages of workers. Typically found in communist governments.
Market Economy--an economic system in which economic decisions are guided by the changes in prices that occur as individual buyers and sellers interact in the marketplace to determine the sale of goods (based on what the people want and what they are willing to pay). Based on free enterprise and competition between manufacturers.
Mixed Economy-market + command = mixed; there are no pure command or market economies. To some extent, all economies demonstrate characteristics of both. Most economies are closer to one or the other. Businesses own most of the resources and determine how to produce, but the government regulates how to produce.
Photo used under Creative Commons from Thomas Maluck Foto/Film