Economics. Needs vs. Wants Factors of Production List the factors of production, define and explain...

Economics

Needs vs. Wants

Factors of Production

• List the factors of production, define and explain in the next three slides.

Natural Resources

• Define, list examples.

Human Resources

• Define, list examples.

Capital Resources

• Define, list examples.

Scarcity

• Define, explain, give an example.

Decision Making Process

• List the steps in the decision making process.

Three Basic Economic Questions

• List the three basic economic questions.

Types of Economies

• List and briefly explain the four types of economies.

Capitalism

• Define and list the four key characteristics.

Supply and Demand

• Define supply, define demand, explain how supply and demand interact.

Supply and Demand Determine Price

• Explain how supply and demand determine price, give examples (for example if supply is low and demand is high, price will be high).

Business Cycle

• Define it, list the four steps.

Business Cycle Illustration

• Create an illustration of the business cycle.

Measuring the Economy

• List and explain Gross Domestic Product, Unemployment Rate, and Consumer Spending.

Inflation

• Define it, explain how it affects the economy, discuss the Consumer Price Index (CPI).

Interest Rates

• Define it, explain how interest rates affect the economy, give examples.

Global Economy

• Explain how the economy has become global.

Expanding Globally

• List and explain the four ways to expand globally.

Credits

• List your sources of information and pictures here.