What are the steps in the decision-making process?
- Specify
- Search
- Sift
- Select
- Study
What is economic system?
Is way a nation uses resources to produce goods and services
What are the two kind of resources in economic system?
Human resources
Non-human resources
What are human resources?
Skills, training and abilities people have to complete the task
What are non-human resources?
Raw materials, tool, and manufactured products
What is the study of how we make use of our resources?
Economics
In what kind of economy that produce products are passed from one generation to the next?
Traditional Economy
What are the characteristics of traditional economic system?
Base on small communities families and tribes
Hunter and gatherer
Relies on barters
Produce what is needed-little waste
In what economy where the government owns most resources and makes most economic?
Command Economy
In what economy where people, rather than the government, own the resources and run the business?
Market Economy
In what economy where the government does control the economy in some ways?
Mix economy
The quantity of a good or service that consumers are willing and able to buy at various prices during a given period.
Demand
The quantity of a product that producers are willing and able to make available for sale at various prices over a given period.
Supply
Is the price at which the quantity demanded equals the quantity supplied.
Equilibrium
An amount of something that remains after needs are satisfied; an excess output or supply relative to demand
Surplus
Is a situation in which demand for a product or service exceeds the available supply.
Shortage
Anyone who buys or uses products
consumer
More than 200 years ago, British economist, Adam Smith, described an idea he called what?
Consumer sovereignty
The principles that are most important to you in life?
Life Values
The principles that are most important to you in work?
Work Values
Principles that are most important to you because of your ethnic heritage or religion.
Cultural Values
Principles that are most important to you because of how and where people live?
Demographic Values
The things you want to accomplish in your life?
Goals
What aspects of life did goals come from?
Values, needs and wants, and hopes and dreams.
