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Understanding Economic Systems: Business, Supply, Demand, and the Global Market

This chapter delves into the fundamental concepts of economic systems, focusing on production, distribution, and consumption of goods and services. It explores the principles of free enterprise, types of business ownership (proprietorships, partnerships, corporations), and the laws of supply and demand, including surplus and shortages. The chapter also covers essential economic factors like minimum wage and inflation, and it discusses the role of various industries, the importance of exports, and the functions of debit and credit cards in the global market.

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Understanding Economic Systems: Business, Supply, Demand, and the Global Market

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Presentation Transcript

  1. Chapter 12 Words to Know

  2. Economic Systems • Economics • The analysis of production, distribution and consumption of goods and services. (making, selling and buying) • Free enterprise (capitalistic) • Anyone can start or make a business, decide whom to hire and decide amount to pay. They must follow government regulations and rules.

  3. Goods and Services • Goods • Items that are made, bought and sold. • Services • Work people do to make money

  4. The World of Business • Proprietorship • A business with only one owner. • Partnership • A business with two or more owners. • Corporation • A business that has many people who invest in it.

  5. The World of Business • Supply and demand • When both the amount of goods available and the number of buyers affect the price. • Surplus • Goods left over after the demand is met. • Shortage • When there is more demand than the supply of goods.

  6. The World of Business • Minimum wage • The lowest amount of money a business can pay an employee. • Inflation • A rise in the general price level of goods and services.

  7. Working around the State • Food for the nation • The Fishing Industry • Logging Industry • Manufacturing • Computer Industry

  8. The Global Market • Exports • Goods shipped out for sale. • Commodity • Any useful thing that is bought or sold; products of agriculture, mining, or manufacturing.

  9. The Mighty Dollar • Debit Cards • A card where the cost of purchases will be subtracted from a bank balance without incurring interest. • Credit Cards • A card that authorizes purchases on credit and accumulates interest.

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