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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
Economies
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
fields
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
consumption
Profit- difference between the total cost of
production and the total revenues (money
made) received from buyers
Nike Air Jordan’s Cost of Production
$.50
Cambodian Laborer
$10.00
Materials
$1.00
Shipping
$2.50
Store and sales associate
$13.00
Total Cost
Sale Price Average:
Total Cost to Produce
$120
- $13
Total Profit
+$107
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
services
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
trade
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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