Daily Writing Prompt What is the difference between needs and wants?
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Transcript of Daily Writing Prompt What is the difference between needs and wants?
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Daily Writing Prompt
What is the difference between needs and wants?
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I have 10 tacos. More people in here want these tacos than can have them. How can we decide
who will get tacos?
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Three Key Economic Questions• Because resources are scarce, each society
must answer three economic questions:
1) What goods and services should be produced?
2) How should these goods and services be produced?
3) Who will consume these goods and services?
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Economic Systems• Economic System - Method used by society to
produce and distribute goods and services
• Economic goals:1) Efficiency2) Economic Freedom3) Economic Security4) Economic Equity5) Economic Growth
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Daily Writing Prompt
What is an economic system?
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Efficiency• Maximizing what you produce using the
resources that you have• Specialization – everyone specializes in a
particular job
• Delivering the right good, in the right quantity, to the right people, at the right price.
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Economic Freedom• The ability to make your own choices
• Buy what you want, work where you want, own property, and become an entrepreneur.
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Economic Security• People want to know that help will be
available when they are in need.
• Safety net – set of programs to protect people who face unfavorable economic conditions such as layoffs or injuries.
• Examples of safety nets in the U.S.?
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Economic Equity
• Defined differently in different societies
• Should everyone have an equal share of goods and services?
• Or, should everyone have equal opportunity to compete?
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Economic Growth• A nation’s economy must grow to provide jobs &
greater income.
• Improvement in the standard of living, or level of economic prosperity
• Innovation – the process of bringing new methods, products, or ideas into use.
• Industrial Revolution• The Internet
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Traditional Economy
• Relies on habit, custom, or ritual to decide what to produce & how to produce it
• Small communities• Tend to remain stagnant & resist change• Lack modern conveniences• Low standard of living
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Market Economy
• Economic decisions are made by consumers• Also called free markets, or capitalism
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Command Economy(Centrally Planned)
• Government decides how to answer three economic questions
• Controlled by strong, centralized government
• Usually focuses on industrial goods
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Mixed Economy
• Combination of Market and Command economic systems
• Market forces control most consumer goods• Government directs industry in need areas.
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Homework
•Read pgs. 23-27 and answer questions 1,2 & 4
•Due tomorrow, 9/14