What is Economics? Before we can discuss economic systems, we need to review the basic concepts of Economics. Instructional Approach(s): The teacher should present the information …

Theories of economic development Theory – systematic explanation of interrelationships among economic variables. Purpose – to explain causal relationships among these variables, to …

Eco 101: Chapter 1 notes. Definition of economics the study of how individuals and societies use limited resources to satisfy unlimited wants. Fundamental economic problem scarcity. …

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. b. Explain how most …

What three elements depend on one another for economic interdependance? What role do households play in the economy? What role do firms play in the economy? What role does the …

Economic Freedom: the fundamental precondition for creating the incentives that lead to economic growth. People are able to make personal choices, their private property is …

Define efficiency and describe an efficient use of resources. Explain what makes production possibilities expand. Explain how people gain from specialization and trade. The production …

(Who owns the factors of production?) 4 Different Economic Systems Traditional Command/Socialism Capitalism/Market Mixed Traditional Economic System Economic system …

Section 12: Economic Geography.

The Circular Flow Model The Product Market- The “place” where goods and services produced by businesses are sold to households. The Resource (Factor) Market- The “place” where …