Share Econ Lesson 1 and 2
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Explains how people get the goods and services they need and want
Economics
Actions that people perform that we pay for
Services
Goods brough in from other countries
Imports
Goods sold by producers in one country to buyers in other countries
Exports
When countries focus on making goods that they can produce easily with the resources that are already in their country
Specialization
The total value of all goods and services produced in a single year
GDP
The percentage of people who can read and write in a country
Literacy Rate
Name the three fundamental questions of economics
What to produce? How to produce? Who to produce for?
What happens when people have unlimited wants but there are limited resources?
Scarcity
In this economy, the government answers all of the fundamental questions of economics
Command Economy
In this economy, the people answer all of the fundamental questions of economics
Market
Most countries have this type of economy
Mixed
Name all four factors of production
Natural Resources, Capital Resources, Human Resources, Entreprenuership
Name the two categories of natural resources
Renewable and Non-Renewable
Tools that are created by humans to help them accomplish a task
Capital Resources
The two types of labor needed with human resources
Mental Labor and Physical Labor
