PPT-Economic Goods and Services

What I WANT You to Know WANT Have a desire to possess or do something you wish ECONOMIC WANT Desires that can be satisfied by c onsuming a good service or leisure activity Economic v NonEconomic Wants. What key economic questions must every society answer?. What basic economic goals do societies have?. What types of economic systems exist today?. The Three Economic Questions. Every society must answer three questions:. Pint Sized Econ Adapted. Economic Wants. Desires that can be satisfied by consuming a good or using a service/activity.. People have different economic wants. People purchase a variety of goods and services. World Population. Add . BOLD . words to your vocabulary notes.. Measuring Population. Population distribution. Population density. Population Movement. Immigration. Push factors-. Pull factors-. Emigrant. Intro To Business. Goals. Define gross domestic product.. Describe economic measures of labor. Identify economic indicators for consumer spending.. Economic Measurements. Productivity. . is output per worker hour. In the workplace it can be difficult to measure productivity. In sports, there are clear-cut measures. . What I . WANT. You to Know. WANT. Have a desire to possess or do something you wish. ECONOMIC WANT. Desires that can be satisfied by . c. onsuming a good, service, or leisure activity. Economic v. Non-Economic Wants. Economic Terms. Economic products: goods and services that are relatively scarce, and transferable to others.. Good: A specific item that you buy. . Service: Work performed for someone. Consumer: a person who uses goods and services to satisfy wants and needs.. Objective: SWBAT analyze the different economies of the world.. Do Now: Discuss the economic strategies of your household income based on monthly needs? . Economic Decision-Making. The six steps in the economic decision- making process are:. How . do economic systems answer the questions of what, how, and for whom to produce?. Standards:. SS6E1a. , SS6E5a, SS6E8a. . Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce. Principles of Business, Finance and Marketing. Satisfying Wants & Needs. Economic Choices. Economic Systems. Supply and Demand. Unit 1.01. Wants. Not necessary for survival, but add comfort and pleasure to our lives. Fundamental Economic Concepts. Chapter One. What is Economics. ?. The Study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.. REVIEW FOR THE ECONOMICS END OF COURSE TEST INSTRUCTIONS: G o through the slides and answer each question in the packet; the slide numbers are listed for each question REVIEW FOR THE ECONOMICS #53- Describe the phases of the business cycle. #54- Explain the concept of gross domestic product. #55- Explain productivity and its effects on individual businesses and the economy as a whole. Phases of the Business Cycle. macroeconomics. The study of economic behavior and decision-making in a nation’s whole economy. Objectives. Explain how gross domestic product (GDP) is calculated. Interpret GDP Data. Identify factors that influence GDP. do economic systems answer the questions of what, how, and for whom to produce?. Standards:. SS7E1a, SS7E5a, SS7E8a. Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce,...