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Unit 5 Foundations of Economics
Chapter 13 Section 1: Why Societies
Have Economies
Factors of Production- Resources
people have for producing goods and
services to satisfy their wants
Capital- Anything produced in an economy that is used
to produce other goods and services. (tools, machines,
buildings) Money is financial capital
Consumption- the act of buying or
using goods and services
Opportunity Cost- highest value benefit
given up when a choice is made
Scarcity- Resources are always limited
compared with the number and
variety of wants people have
Chapter 13 Section 3: Three Types of
Traditional Economy- the basic economic decisions are made
according to long-established patterns of behavior that are
unlikely to change. Members of a society work together to
support each other. Ex) All people in a village sow each others
Command Economy- the government or central
authority owns or controls the factors of
production and makes basic economic decisions
Market Economy- System in which private individuals
own the factors of production and are free to make
their own choices about production, distribution and
Profit- difference between the total cost of
production and the total revenues (money
made) received from buyers
Nike Air Jordan’s Cost of Production
Cambodian Laborer
Store and sales associate
Total Cost
Sale Price Average:
Total Cost to Produce
- $13
Total Profit
Invest- means to use your money to help a business get
started or grow, with the hope that the business will
earn a profit in which you can share
Free Enterprise- system in which individuals in a
market economy are free to undertake economic
activities with little or no control by the government
Capitalism- system in which people make their own
decisions about how to save resources as capital and
how to use their capital to produce goods and provide
Mixed Economy- most economies
today are a mixture of command,
market, and traditional
Ch. 14 Section 1: Principals of Our
Market Economy
Demand- the amount of a product or
service that buyers are willing and able
to buy at different prices
Supply- the amount of a product that
producers are willing and able to offer
at different prices
Market Price (equilibrium)- the price
at which buyers and sellers agree to
Chapter 14 Section 3: Labor in the
American Economy
Labor Unions- organizations of workers that
seek to improve wages and working conditions
and to protect members’ rights
Collective Bargaining- process by which
representatives of the unions and business try to reach
agreement about wages and working conditions
Boycott- when people refuse to buy a product from a
company or country for various reasons usually out of
protest for the companies/countries actions
Strike- workers refuse to work unless employers meet
certain demands. (one of several tactics both sides use
see p.391) Note: You will learn a lot more about unions
in high school U.S. history.
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