Transcript What are the four factors of production?

Know that Factors of MY
Inflation
Name
What??? EconoMY or Bust
Competition
Grab
Bag
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The study of how wealth is
created and distributed
Economics
10 Know That Name
The study of the decisions made
by individuals and businesses
Microeconomics
20 Know That Name
The study of the national and
global economies
Macroeconomics
30 Know That Name
Government decides what will
be produced, how it will be
produced, and who owns and
controls the factors of
production.
Socialism
40 Know That Name
Monthly index that tracks the
prices paid by consumers
Consumer Price Index
(CPI):
50 Know That Name
Name the Factor of Production:
Human resources such as
managers and employees
Ex: employee knowledge
and skills
Labor
10 Factors of What??
Name the Factor of Production:
Equipment used to produce
other goods
Ex: money, buildings, tools,
machines
Capital
20 Factors of What??
A system where the basic
economic questions are
determined, at least to some
degree, through centralized
government planning is referred
to as a
Command Economy
30 Factors of What?
A political system in which
private citizens are free to go into
business for themselves. They
produce whatever they choose,
and distribute what they produce
Capitalism
40 Factors of What??
What are the four factors of
production?
Land, Labor, Capital,
Entrepreneurship
50 Factors of What??
The total value of a nation's
goods or services that have been
adjusted for inflation
Real Domestic Product
10 MY EconoMY
The average level of output
per worker
Productivity
20 MY EconoMY
What are the four stages of the
business cycle?
Peak, Recession, Trough,
Recovery
30 MY EconoMY
All goods and services produced
within the boundaries of a country
Gross Domestic Product
(GDP)
40 MY EconoMY
The United States, whose
economy exhibits elements of
both capitalism and socialism,
has what is known as
A Mixed Economy
50 MY EconoMY
A general rise in the price of
products.
Inflation
10 Inflation or Bust
A general decrease in the
price of products.
Deflation
20 Inflation or Bust
The total amount the federal
government owes
National Debt
30 Inflation or Bust
Fluctuations in a nation's
economy are referred to as
its
business cycle
40 Inflation or Bust
New products would typically be
introduced into the market at
which stage of the business cycle?
Peak
50 Inflation or Bust
True or False:
Perfect competition is
characterized by many buyers
and many sellers
TRUE
10 Competition
True or False:
Monopolistic competition is a
market situation in which similar
but not identical products are
available
True
20 Competition
A market situation (or industry)
in which there are few sellers
Oligopoly
30 Competition
A market or industry with
only one seller
A monopoly
40 Competition
List the four economic
questions
•WHAT goods and services will be produced?
•HOW will they be produced?
•FOR WHOM will they be produced?
•WHO owns and controls the major factors of production?
50 Competition
An economic system in which individuals
and businesses make the decisions about
what to produce and what to buy, and the
market determines how much is sold and
at what prices, is called…
Market Economy
10 Grab Bag
The government uses tax
dollars to…
Purchase resources and
products needed to provide
services
20 Grab Bag
Examples of command
economies include…
socialism and communism
30 Grab Bag
If the demand for a product
declines, what happens to the
price of the product?
The price decreases
40 Grab Bag
Public utilities are often
referred to as
Monopolies
50 Grab Bag
Final Jeopardy
Describe how supply and
demand affect the price of a
product.
Suppliers supply more product when
consumers are willing to pay a higher
price. Buyers demand more when a price
is low. Shifts in demand and supply can
change the price for products.