7'2'spi'1' recognize basic economic concepts i'e' imports, exports, barter system, tariffs, closed a - PowerPoint PPT Presentation

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7'2'spi'1' recognize basic economic concepts i'e' imports, exports, barter system, tariffs, closed a

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Title: 7'2'spi'1' recognize basic economic concepts i'e' imports, exports, barter system, tariffs, closed a


1
7.2.spi.1. recognize basic economic concepts
(i.e. imports, exports, barter system, tariffs,
closed and emerging markets, supply and demand,
inflation, recession, depression).
2
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3
  • The economy of a nation is the system by which
    the nation organizes the production and
    distribution of goods and services that its
    citizens want and need.

4
  • When one person trades their goods or services
    with another person for their goods or services,
    this direct exchange is called the barter system.

5
  • To provide for its citizens a country must
    consider what resources are available.
  • Resources are
  • People to do labor
  • Capital-Money, equipment, tools, supplies
  • Natural Resources- water, soil, metals, oil,
    minerals.

6
  • In a Communist or Socialist economy the
    government owns all the resources and businesses
    (all means of production)
  • In theory, all citizens benefit from this system
    of economics.
  • In a socialist economy, the price and the amount
    of a produced is not set by the government
    therefore it is a cross between Communism
    capitalism.

7
  • In a capitalist economy private individuals own
    all the major businesses.
  • If the government in a capitalist system does not
    control any aspect of business it is a free
    market economy.

8
  • If the government restricts trading goods with
    other countries it is a closed market.

9
Goods sent to of a country are called imports.
  • Goods sent out of a country are called exports.

10
  • When governments of two countries exchange goods
    and services without taxes (tariffs) or quotas it
    is involved in free trade.
  • The North American Free Trade Agreement (NAFTA)
    provides for free trade between the counties in
    North America.

11
  • Inflation occurs when the value of money drops,
    but the price of the goods and services go up.
  • Recession occurs in a country when fewer goods
    are produced, fewer items are exported, and
    prosperity of its citizens is on the decline.

12
  • If a recession continues for a long period of
    time it is considered to be a depression.
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