Martinndungu1986

How are economic decisions in the market economy are made - By the demand of the people and the marketplace. How does Russia rank among other post-Soviet nations in building a middle class? - Russia remains a laggard among post-Soviet nations in building a middle class. But it can't be forgotten that Russia was ground zero for the Bolshevik Revolution, the project to create a class. List the four factors of productions - Human, Natural, Capital. Entrepreneurial resources Name a Renewable ...

Basic Economic Questions - -Three economic questions society needs to answer: 1. What should be produced 2. How should it be produced 3. Who should share in what is produced Capital Resources - -It is the same as money -Are the things used to produce goods and services, like buildings, materials and equipment -They include delivery trucks, supermarkets, cash registers and medical supplies Capital Resources (Continued) - -Another aspect of capital resources is the factors of distribution ...

Capital Resources - The things used to produce goods and services, like buildings, materials, and equipment. Command Economy - A central authority makes the key economic decisions. This central authority is usually the government, or state. Communism - The state makes all the economic decsions. Countries such as China, Cuba, Russia and many African countries are this. Consumer - A person who selects, purchases, uses or disposes of goods or services. Demand - The amount or quantity of good...

Capital resources - The things used to produce goods and services. Command economy - An economic system in which a central authority makes the economic decisions. Demand - The amount or quantity of goods and services that consumers are willing to buy at various prices. Economic systems - The method that a society chooses to use and distribute resources. Entrepreneur - A person who recognizes a business opportunity and organizes, manages, and assumes the risks of starting and operating a b...

Basic economic questions - Rules and regulations determine choices. You can summarize how economic decisions are made by thinking about the the economic questions society needs to answer: - What should be produced - How should it be produced - Who should share in what is produced Business Ethics - - A set of laws about how a business should conduct itself. - In general, for any business to be successful, it must operate legally and humanely. Capital resources - - It is the same as money. ...

Basic economic questions - rules and regulations determine choices you can summarize how economic decisions are made by thinking about the three economic questions society needs to answer: what should be produced? how should it be produced? who should share in what is produced? capital resources - - are the things used to produce goods and services, like buildings, materials, and equipment - they include delivery trucks, supermarkets, cash registers and medical supplies - examples of cap...

Capital resources - Things used to produce goods and services (equipment, buildings, etc) Capitalism - private enterprise system has some unique characteristics Command economy - An economic system in which a central authority makes the key economic decisions - called a planned or managed economy - a central authority makes the key economic decisions - two types of command economy - in a strong command economy, such as communism, the state makes all the economic decisions - the state con...

4 Factors of Production - 1) Natural Resources 2) Human Resources 3) Capital Resources 4) Entrepreneurial Resources Basic Economic Questions - three economic questions society needs to answer: - What should be produced? - How should it be produced? - Who should share in what is produced? - Rules and regulations determine choices Capital Resources - - it is the same as money - are the things used to produce goods and services, like buildings, materials and equipment - they include deli...

What are two basic types of economic systems? - market economy and command economy What is not a factor of production? - the marketplace What is opportunity cost? - giving up the chance to use a resource for one thing instead of another What is scarcity? - a shortage of resources Which is a characteristic of capitalism? - resources are privately owned Which is a characteristic of socialism? - Major industries are government owned Which is an example of a capital resource? - a machine used ...

As You Read (page 31) - - Think about the freedoms you enjoy by living as a citizen in a market economy *Deciding on what services/products you want to purchase *You don't have to worry about resources going to waste, because everything is based off of the demand for the product (supply and demand) Basic Economic Questions - - Economics → the study of how individuals & groups of people strive to satisfy their needs & wants by making choices - Societies make economic decisions about how...