Intro to Economics
Economics: The study of how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants.
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factors of production
Define each of the above factors of production and provide one example of each. Then, complete the following assignment:
factors_of_production.doc | |
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Directions for factors of production assignment :
For each type of business, indicate their SPECIFIC factor of production. Example : Coca-cola. Land = bottling plant, water in Coke, sugar Labor= people working the assembly lines, vice-president Capital = bottles, trucks
Opportunity cost
Vocab words: (define each)
Scarcity Trade-off Opportunity cost Marginal cost Marginal benefit Cost/benefit analysis Production possibilities curve
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cost & benefit analysis
Write one PARAGRAPH about your personal benefit of getting a high school diploma.
Write one PARAGRAPH about your personal cost of getting a high school diploma.
Write ONE paragraph about which one (cost or benefit) outweighs the other and WHY.
Write one PARAGRAPH about your personal cost of getting a high school diploma.
Write ONE paragraph about which one (cost or benefit) outweighs the other and WHY.
4 types of economies
functions of the government in a free market economy
Answer the following questions:
1. What role does government play in a market economy?
2. Which countries have market economies?
3. What is Indiana's minimum wage?
4. Why was the minimum wage created?
5. For each of the following indicators of government involvement, GIVE ONE EXAMPLE for the United States
a. Provision of public goods
b. Creation of currency
c. Establishment of property rights
d. Correction for externalities and market failures
e. Redistribution of wealth and income
f. Regulation of labor
g. Economic growth and stability
6. What are the 5 characteristics of a market economy?
1. What role does government play in a market economy?
2. Which countries have market economies?
3. What is Indiana's minimum wage?
4. Why was the minimum wage created?
5. For each of the following indicators of government involvement, GIVE ONE EXAMPLE for the United States
a. Provision of public goods
b. Creation of currency
c. Establishment of property rights
d. Correction for externalities and market failures
e. Redistribution of wealth and income
f. Regulation of labor
g. Economic growth and stability
6. What are the 5 characteristics of a market economy?
production possibilities curve
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