Monday September 17

Review Concepts:

• Factors of Production
• Land
• Labor
• Capital
• Physical
• Human (entrepreneurship)

New Concepts:

• Economy - How a society distribute its resources
• 3 Key Questions
• What to produce?
• How to produce it?
• Who will get what is produced?
• Economic Values
• Economic Security
• Economic Freedom
• Economic Equity
• Economic Growth
• Economic Efficiency
• Types of economies
• Command (Comunism)
• Market (Capitalism)
• Mixed
• Traditional

Resources:

• Video - Economic Systems
• Jacob Clifford Video - Economic Systems (This one also explains circular flow model)

Homework:

• Factors of Production Handout - Due Tuesday Sept. 18