Economics Unit 8 – Globalization: characteristics and trends

18.1 – 8a – globalization: characteristics and trends Globalization – the movement toward a more integrated and interdependent world economy People are buying more foreign products 16.1 – International Trade – absolute and comparative advantage Why nations trade Specialization is an important reason for trade Exports – the goods and services that a nation sells…

Economics Unit 7 – Macroeconomic policy

12.1 – measuring the nation’s output and income Macroeconomics – part of economics that deals with the economy as a whole and uses aggregate measures of output, income, prices, and employment Gross Domestic Product is one of the most important macro measures that keep track of nation’s production, consumption, saving, and investment. GDP – The…

Economics Unit 4 – Free enterprise capitalism

Free enterprise capitalism Voluntary exchange Profit motive Economic freedom Private property rights Competition – businesses attract consumers; consumers obtain the best products at lowest prices 7.1 – competition and market structures Laissez-faire – philosophy that government should not interfere with business activities Market structure – nature and degree of competition among firms in the same…

Unit 1 – What is economics

Unit 1 – What is economics Chapter 1.1 – scarcity and the science of economics The fundamental economic problems Societies do not have enough productive resources to satisfy everyone’s wants and needs Scarcity – fundamental economic problem of meeting people’s virtually unlimited wants with scarce resources Economics – social science dealing with how people satisfy…

Economic Changes during Industrial Revolution

Industrial Revolution, term usually applied to the social and economic changes that mark the transition from a stable agricultural and commercial society to a modern industrial society relying on complex machinery rather than tools. Dramatic changes in the social and economic structure took place as inventions and technological innovations created the factory system of large-scale…