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STATION SUMMARY FOR BASIC ECONOMIC CONCEPTS
SUMMARY STATION FOR BASIC ECONOMIC CONCEPTS, ECONOMIC SYSTEMS, AND BUSINESS ORGANIZATION
1. GOODS ARE TANGIBLE (CAN BE TOUCHED) AND LAST FOR A PERIOD OF TIME. SERVICES ARE INTANGIBLE (CAN’T BE TOUCHED, LIKE A HAIRCUT OR LAWN MOWED), AND ARE GONE ONCE THEY HAVE BEEN PERFORMED. CONSUMER GOODS ARE BOUGHT BY CONSUMERS. CAPITAL GOODS ARE GOODS NEEDED TO PRODUCE OTHER GOODS AND SERVICES. THE MONEY USED TO BUY TOOLS AND EQUIPMENT NEEDED FOR PRODUCTION IS KNOW AS FINANCIAL CAPITAL.
2. A DECISION-MAKING GRID IS USED TO EVALUATE ALTERNATIVE CHOICES OF ACTION WHEN MAKING AN ECONOMIC DECISION.
3. GROSS DOMESTIC PRODUCT IS DEFINED AS THE DOLLAR VALUE OF ALL FINAL GOODS AND SERVICES AND THE MOST COMPREHENSIVE MEASURE OF A COUNTRY;S TOTAL PRODUCTION OUTPUT.
4. A POPULAR MODEL USED TO ILLUSTRATE THE CONCEPT OF OPPORTUNITY COST THE PRODUCTION POSSIBILITIES FRONTIER.
AN ECONOMY OPERATING AT ITS PRODUCTION POSSIBILITIES FRONTIER IS OPERATING AT FULL POTENTIAL (100%).
5. ACTIONS IN ONE PART OF THE COUNTRY OR WORLD THAT HAVE AN ECONOMIC IMPACT ON WHAT HAPPENS ELSEWHERE ARE EXAMPLES OF ECONOMIC INTERDEPENDENCE.
6. THE PURPOSE OF A GOVERNMENT IN A COMMAND ECONOMY IS TO MAKE MAJOR
ECONOMIC DECSIONS. A MODIFIED PRIVATE-ENTERPRISE (MIXED) ECONOMY LIKE THE UNITED STATES HAS ELEMENTS OF BOTH A MARKET AND COMMAND SYSTEM OF ECONOMY.
A COMMAND ECONOMY CAN CHANGE DIRECTION IN A SHORT AMOUNT OF TIME, IS NOT DESIGNED TO MEET THE WANTS OF CONSUMERS, AND PROVIDES FEW INCENTIVES FOR WORKERS TO WORK HARD.
THE GOVERNMENT’S ROLE IN A MIXED ECONOMY IS TO PRESERVE COMPETITION.
7. THE SALE OF STOCKS IS REGULATED BY THE SECURITIES AND EXCHANGE COMMISSION; WHICH IS A PART OF THE US GOVERNMENT.
8. NON-PROFIT ORGANIZATIONS MAY PROVIDE GOODS AND SERVICES TO THEIR MEMBERS. IN A GENERAL PARTNERSHIP, PARTNERS USUALLY DRAW UP PAPERS CALLED ARTICLES OF PARTNERSHIP TO ORGANIZE THEIR COMPANY.
9. THE UNITED STATES HAS SEVERAL ROLES IN THE ECONOMY. IT IS THE BIGGEST CONSUMER OF GOODS AND SERVICES, IN THE DIRECT ROLE, IT PROVIDES GOODS AND SERVICES SUCH AS THE POST OFFICE AND OWNING PUBLIC UTILITIES THAT COMPETE AGAINST PRIVATE COMPANIES, IT PROTECTS COMPETION WITH ANTI-MONOPOLY LAWS. FINALLY, IT PROTECTS CONSUMERS AND WORKERS AGAINST ABUSE.
SUMMARY STATION FOR BASIC ECONOMIC CONCEPTS, ECONOMIC SYSTEMS, AND BUSINESS ORGANIZATION
1. GOODS ARE TANGIBLE (CAN BE TOUCHED) AND LAST FOR A PERIOD OF TIME. SERVICES ARE INTANGIBLE (CAN’T BE TOUCHED, LIKE A HAIRCUT OR LAWN MOWED), AND ARE GONE ONCE THEY HAVE BEEN PERFORMED. CONSUMER GOODS ARE BOUGHT BY CONSUMERS. CAPITAL GOODS ARE GOODS NEEDED TO PRODUCE OTHER GOODS AND SERVICES. THE MONEY USED TO BUY TOOLS AND EQUIPMENT NEEDED FOR PRODUCTION IS KNOW AS FINANCIAL CAPITAL.
2. A DECISION-MAKING GRID IS USED TO EVALUATE ALTERNATIVE CHOICES OF ACTION WHEN MAKING AN ECONOMIC DECISION.
3. GROSS DOMESTIC PRODUCT IS DEFINED AS THE DOLLAR VALUE OF ALL FINAL GOODS AND SERVICES AND THE MOST COMPREHENSIVE MEASURE OF A COUNTRY;S TOTAL PRODUCTION OUTPUT.
4. A POPULAR MODEL USED TO ILLUSTRATE THE CONCEPT OF OPPORTUNITY COST THE PRODUCTION POSSIBILITIES FRONTIER.
AN ECONOMY OPERATING AT ITS PRODUCTION POSSIBILITIES FRONTIER IS OPERATING AT FULL POTENTIAL (100%).
5. ACTIONS IN ONE PART OF THE COUNTRY OR WORLD THAT HAVE AN ECONOMIC IMPACT ON WHAT HAPPENS ELSEWHERE ARE EXAMPLES OF ECONOMIC INTERDEPENDENCE.
6. THE PURPOSE OF A GOVERNMENT IN A COMMAND ECONOMY IS TO MAKE MAJOR
ECONOMIC DECSIONS. A MODIFIED PRIVATE-ENTERPRISE (MIXED) ECONOMY LIKE THE UNITED STATES HAS ELEMENTS OF BOTH A MARKET AND COMMAND SYSTEM OF ECONOMY.
A COMMAND ECONOMY CAN CHANGE DIRECTION IN A SHORT AMOUNT OF TIME, IS NOT DESIGNED TO MEET THE WANTS OF CONSUMERS, AND PROVIDES FEW INCENTIVES FOR WORKERS TO WORK HARD.
THE GOVERNMENT’S ROLE IN A MIXED ECONOMY IS TO PRESERVE COMPETITION.
7. THE SALE OF STOCKS IS REGULATED BY THE SECURITIES AND EXCHANGE COMMISSION; WHICH IS A PART OF THE US GOVERNMENT.
8. NON-PROFIT ORGANIZATIONS MAY PROVIDE GOODS AND SERVICES TO THEIR MEMBERS. IN A GENERAL PARTNERSHIP, PARTNERS USUALLY DRAW UP PAPERS CALLED ARTICLES OF PARTNERSHIP TO ORGANIZE THEIR COMPANY.
9. THE UNITED STATES HAS SEVERAL ROLES IN THE ECONOMY. IT IS THE BIGGEST CONSUMER OF GOODS AND SERVICES, IN THE DIRECT ROLE, IT PROVIDES GOODS AND SERVICES SUCH AS THE POST OFFICE AND OWNING PUBLIC UTILITIES THAT COMPETE AGAINST PRIVATE COMPANIES, IT PROTECTS COMPETION WITH ANTI-MONOPOLY LAWS. FINALLY, IT PROTECTS CONSUMERS AND WORKERS AGAINST ABUSE.
SUMMARY STATION FOR BASIC ECONOMIC CONCEPTS, ECONOMIC SYSTEMS, AND BUSINESS ORGANIZATION
1. GOODS ARE TANGIBLE (CAN BE TOUCHED) AND LAST FOR A PERIOD OF TIME. SERVICES ARE INTANGIBLE (CAN’T BE TOUCHED, LIKE A HAIRCUT OR LAWN MOWED), AND ARE GONE ONCE THEY HAVE BEEN PERFORMED. CONSUMER GOODS ARE BOUGHT BY CONSUMERS. CAPITAL GOODS ARE GOODS NEEDED TO PRODUCE OTHER GOODS AND SERVICES. THE MONEY USED TO BUY TOOLS AND EQUIPMENT NEEDED FOR PRODUCTION IS KNOW AS FINANCIAL CAPITAL.
2. A DECISION-MAKING GRID IS USED TO EVALUATE ALTERNATIVE CHOICES OF ACTION WHEN MAKING AN ECONOMIC DECISION.
3. GROSS DOMESTIC PRODUCT IS DEFINED AS THE DOLLAR VALUE OF ALL FINAL GOODS AND SERVICES AND THE MOST COMPREHENSIVE MEASURE OF A COUNTRY;S TOTAL PRODUCTION OUTPUT.
4. A POPULAR MODEL USED TO ILLUSTRATE THE CONCEPT OF OPPORTUNITY COST THE PRODUCTION POSSIBILITIES FRONTIER.
AN ECONOMY OPERATING AT ITS PRODUCTION POSSIBILITIES FRONTIER IS OPERATING AT FULL POTENTIAL (100%).
5. ACTIONS IN ONE PART OF THE COUNTRY OR WORLD THAT HAVE AN ECONOMIC IMPACT ON WHAT HAPPENS ELSEWHERE ARE EXAMPLES OF ECONOMIC INTERDEPENDENCE.
6. THE PURPOSE OF A GOVERNMENT IN A COMMAND ECONOMY IS TO MAKE MAJOR
ECONOMIC DECSIONS. A MODIFIED PRIVATE-ENTERPRISE (MIXED) ECONOMY LIKE THE UNITED STATES HAS ELEMENTS OF BOTH A MARKET AND COMMAND SYSTEM OF ECONOMY.
A COMMAND ECONOMY CAN CHANGE DIRECTION IN A SHORT AMOUNT OF TIME, IS NOT DESIGNED TO MEET THE WANTS OF CONSUMERS, AND PROVIDES FEW INCENTIVES FOR WORKERS TO WORK HARD.
THE GOVERNMENT’S ROLE IN A MIXED ECONOMY IS TO PRESERVE COMPETITION.
7. THE SALE OF STOCKS IS REGULATED BY THE SECURITIES AND EXCHANGE COMMISSION; WHICH IS A PART OF THE US GOVERNMENT.
8. NON-PROFIT ORGANIZATIONS MAY PROVIDE GOODS AND SERVICES TO THEIR MEMBERS. IN A GENERAL PARTNERSHIP, PARTNERS USUALLY DRAW UP PAPERS CALLED ARTICLES OF PARTNERSHIP TO ORGANIZE THEIR COMPANY.
9. THE UNITED STATES HAS SEVERAL ROLES IN THE ECONOMY. IT IS THE BIGGEST CONSUMER OF GOODS AND SERVICES, IN THE DIRECT ROLE, IT PROVIDES GOODS AND SERVICES SUCH AS THE POST OFFICE AND OWNING PUBLIC UTILITIES THAT COMPETE AGAINST PRIVATE COMPANIES, IT PROTECTS COMPETION WITH ANTI-MONOPOLY LAWS. FINALLY, IT PROTECTS CONSUMERS AND WORKERS AGAINST ABUSE.
SUMMARY STATION FOR BASIC ECONOMIC CONCEPTS, ECONOMIC SYSTEMS, AND BUSINESS ORGANIZATION
1. GOODS ARE TANGIBLE (CAN BE TOUCHED) AND LAST FOR A PERIOD OF TIME. SERVICES ARE INTANGIBLE (CAN’T BE TOUCHED, LIKE A HAIRCUT OR LAWN MOWED), AND ARE GONE ONCE THEY HAVE BEEN PERFORMED. CONSUMER GOODS ARE BOUGHT BY CONSUMERS. CAPITAL GOODS ARE GOODS NEEDED TO PRODUCE OTHER GOODS AND SERVICES. THE MONEY USED TO BUY TOOLS AND EQUIPMENT NEEDED FOR PRODUCTION IS KNOW AS FINANCIAL CAPITAL.
2. A DECISION-MAKING GRID IS USED TO EVALUATE ALTERNATIVE CHOICES OF ACTION WHEN MAKING AN ECONOMIC DECISION.
3. GROSS DOMESTIC PRODUCT IS DEFINED AS THE DOLLAR VALUE OF ALL FINAL GOODS AND SERVICES AND THE MOST COMPREHENSIVE MEASURE OF A COUNTRY;S TOTAL PRODUCTION OUTPUT.
4. A POPULAR MODEL USED TO ILLUSTRATE THE CONCEPT OF OPPORTUNITY COST THE PRODUCTION POSSIBILITIES FRONTIER.
AN ECONOMY OPERATING AT ITS PRODUCTION POSSIBILITIES FRONTIER IS OPERATING AT FULL POTENTIAL (100%).
5. ACTIONS IN ONE PART OF THE COUNTRY OR WORLD THAT HAVE AN ECONOMIC IMPACT ON WHAT HAPPENS ELSEWHERE ARE EXAMPLES OF ECONOMIC INTERDEPENDENCE.
6. THE PURPOSE OF A GOVERNMENT IN A COMMAND ECONOMY IS TO MAKE MAJOR
ECONOMIC DECSIONS. A MODIFIED PRIVATE-ENTERPRISE (MIXED) ECONOMY LIKE THE UNITED STATES HAS ELEMENTS OF BOTH A MARKET AND COMMAND SYSTEM OF ECONOMY.
A COMMAND ECONOMY CAN CHANGE DIRECTION IN A SHORT AMOUNT OF TIME, IS NOT DESIGNED TO MEET THE WANTS OF CONSUMERS, AND PROVIDES FEW INCENTIVES FOR WORKERS TO WORK HARD.
THE GOVERNMENT’S ROLE IN A MIXED ECONOMY IS TO PRESERVE COMPETITION.
7. THE SALE OF STOCKS IS REGULATED BY THE SECURITIES AND EXCHANGE COMMISSION; WHICH IS A PART OF THE US GOVERNMENT.
8. NON-PROFIT ORGANIZATIONS MAY PROVIDE GOODS AND SERVICES TO THEIR MEMBERS. IN A GENERAL PARTNERSHIP, PARTNERS USUALLY DRAW UP PAPERS CALLED ARTICLES OF PARTNERSHIP TO ORGANIZE THEIR COMPANY.
9. THE UNITED STATES HAS SEVERAL ROLES IN THE ECONOMY. IT IS THE BIGGEST CONSUMER OF GOODS AND SERVICES, IN THE DIRECT ROLE, IT PROVIDES GOODS AND SERVICES SUCH AS THE POST OFFICE AND OWNING PUBLIC UTILITIES THAT COMPETE AGAINST PRIVATE COMPANIES, IT PROTECTS COMPETION WITH ANTI-MONOPOLY LAWS. FINALLY, IT PROTECTS CONSUMERS AND WORKERS AGAINST ABUSE.
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THE ECONOMIC SYSTEM OF THE UNITED STATES
The Economic System of the United States and the Role of Government.pptx 46.16 KB (Last Modified on February 18, 2015)