Economic systems

Period 5 Concept Outline APWH

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World History

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Period 5: Industrialization and Global Integration, c. 1750 to c. 1900 Key Concept 5.1. Industrialization and Global Capitalism Industrialization fundamentally altered the production of goods around the world. It not only changed how goods were produced and consumed, as well as what was considered a ?good,? but it also had far-reaching effects on the global economy, social relations, and culture. Although it is common to speak of an ?Industrial Revolution,? the process of industrialization was a gradual one that unfolded over the course of the eighteenth and nineteenth centuries, eventually becoming global. Industrialization fundamentally changed how goods were produced. A variety of factors led to the rise of industrial production.

Early Modern Economy and Society

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European History

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Early Modern Economy and Society: 1500-1800 early economy: capitalism?twe did society follow development of economic change..same: feudal, change why? Elements of
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Ch 2 AP Micro econ

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Economics

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The Market System and the Circular Flow 02 McGraw-Hill/Irwin Copyright ? 2012 by The McGraw-Hill Companies, Inc. All rights reserved. The Market System Known as capitalism Characteristics of market systems: Private property Freedom of enterprise and choice Self-Interest Competition Markets and prices Australia, Switzerland, and the U.K. LO1 2-* Global Perspective LO2 Index of Economic Freedom, Selected Nations 2-* Technology and Capital Goods Advanced technology and capital goods are encouraged Specialization Division of labor Geographic specialization LO2 2-* Active, but Limited Government Government may be needed to alleviate market failures Government can increase effectiveness of a market system LO2 2-* The Five Fundamental Questions

AP Econonmics Ch2 outline

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Economics

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Production–possibility frontier

Productive efficiency

Factors of production

Christian Boujaoude September 20, 2014 AP Economics Pd. 3 Wolff Ch. 2 The Economizing Problem I. The Foundation of Economics A. Economizing Problem 1. Society?s economic wants are unlimited and economic resources are scarce B. Unlimited Wants 1. Extend over a wide range of products, from necessities to luxuries 2. Services satisfy our wants 3. The objective of all economic activity is to fulfill wants C. Scarce Resources 1. Economic resources a. all natural, human, and manufactured resources that go into the production of goods and services b. Property resources= land, raw materials, and capital c. Human resources= labor and entrepreneurial ability D. Resource Categories 1. Land

The function of an economy

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Economics

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Factors of production

Productivity

Labour economics

Workforce productivity

Circular flow of income

Capitalism

The function of an economy

The function of an economy Economy ? the system that trying to solve the basic economics problems. There are different type of economy like household economy, local economy, the national economy, and the international economy. Economists distinguish three parts to the economics problems What, How and For whom. To solve the problems, allocating the scarce resources to people with unlimited wants, people will decide what to product to fulfil most of the needs and desire of people. There will be allocation in resource to different group of people in the society. People will also decide how to product, which we will discuss in the next few chapters like division of labour. People will organise the productions according to what the workers best at.

business terms

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Economics

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Market

1-3 Economic Systems Goals: Identify the three economic questions Differentiate among the main types of economic systems Describe the economic system of the U.S. Key Terms (Countries) Economic system ? a nation?s plan for answering the three economic questions Command economy ? the resources are owned and controlled by the government Market economy ? the resources are owned and controlled by the people of the country Traditional economy ? goods and services are produced the way it always has been done (African countries) Mixed economy ? combines elements of the command and market economics Capitalism - refers to the Three economic questions: What to produce? How to produce? What needs and wants to satisfy? The U.S. Economic System Four principles: Private Property

Agenda for a New Economy

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Economics

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I agree with much of what David Korten has to say in his new book, Agenda for a New Economy. It's hard not to. It's a virtuous book, virtuous because it's right about so many things. As far it goes. ??Unfortunately, like many virtuous books it shares the defect of being long on describing what is and what should be but is critically short on how and why its prognoses and prescriptions are logically plausible, hence possible. In other words, it is largely a book of description and assertion without a rigorous polemic that grounds either in a compelling chain of reasoning.??This is not so much of a problem when Korten is describing what ails us- what he calls Wall Street's phantom wealth economy.