economy the careful use or management of resources such as money materials or labor workers n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Economy: the careful use or management of resources such as money, materials or labor (workers). PowerPoint Presentation
Download Presentation
Economy: the careful use or management of resources such as money, materials or labor (workers).

Loading in 2 Seconds...

play fullscreen
1 / 12

Economy: the careful use or management of resources such as money, materials or labor (workers). - PowerPoint PPT Presentation


  • 92 Views
  • Uploaded on

Economy: the careful use or management of resources such as money, materials or labor (workers). Economic development depends on the production , distribution , and consumption of goods and services. . Production: the making of goods. Producers = owners and workers.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Economy: the careful use or management of resources such as money, materials or labor (workers).' - etoile


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
economic development depends on the production distribution and consumption of goods and services
Economic development depends on the production, distribution, and consumption of goods and services.
production the making of goods
Production: the making of goods

Producers = owners and workers

consumption the use of goods and services
Consumption: the use of goods and services

Consumers: people who buy goods and use the services

Services: producers perform

slide6

Factors of Production - the

ingredients, or elements needed for

production to occur.

Entrepreneurs-

people who have the

ideas that bring natural

resources, labor

resources, and capital

resources together to

produce goods.

Natural Resources -

Capital Resources - money,

raw materials used to

buildings, machines, and

make goods. (land,

supplies needed.

water, forest,

minerals, soil climate)

Labor Resources -

workers needed to

create goods and

services. (knowledge,

skills, experience)

economic systems
Economic Systems
  • Communism (command)- government decides what needs are to be met, found in unlimited governments
  • Free Enterprise (market)– consumers decide what to produce and purchase, prices are determined by supply and demand, found in limited governments
  • Socialism- some businesses and industries are controlled by the government; government provides many health and welfare benefits, found in both limited and unlimited governments

The main purpose of any economic system is to produce and distribute goods and services.

problems that all economic systems face scarcity
Problems that all economic systems face: SCARCITY

Examples:

  • Lack of natural resources
  • Lack of workers(labor resources)
  • Lack of money(capital resources)
  • Lack of consumers
  • Lack of technology

Scarcity creates barriers to economic development.

economic indicators
Economic Indicators

Economic Indicators are measures that show how a country’s economy is doing.

Most common:

Life Expectancy: the average age to which people in a country lives (gives clues about health care and nutrition.

Literacy Rate: shows the percentage of a country’s people who can read or write at an elementary school level.

Gross Domestic Product: the yearly average value of all goods and services produced within a country. GDP per capita (per person)

developing vs industrialized
Developing vs. Industrialized

Developing Nations are countries with low levels of development. It is marked by few jobs in industry, poor services, low literacy rates, and low life expectancy.

Industrialized Nations are countries with high levels of development. It is marked by high quality education, advanced health care, good services, advanced technology and decent salaries.