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What to produce?
How to produce?
For whom?
3 economic questions
3 economic questions
The economic problem forces people to make choices, and this same obstacle affects societies, nations, and the world itself.
In addressing this problem, societies are met with ____
What should we produce?
Ask what products and services and economy should focus on producing
How should we produce it?
Asks what methods will be used in order to produce the goods and services needed.
For whom should we produce?
Asks who should receive the final goods and services produced by the economy.
For whom should we produce?
Another consideration is whether goods should be given to those who can afford it.
time, money, and opportunities for new experiences.
On a micro level, scarce resources refer to ___
four resources that societies have to properly allocate.
On a macro level, there are
Land
Labor
Capital
Entrepreneurship
four resources that societies have to properly allocate.
Land
Consists of all natural resources, physical land, and even raw materials.
Solar and wind energy
Coal, oil, and fossil fuels
Crops and plant life
Example of Land
Labor
Refers to the tangible human element in the production process.
Labor
These are the contributions of the workforce, whether physical or mental.
Courier for food and parcel delivery
Teachers in the classroom
Security guard at banks
Examples of Labor
Capital
Refers to investments made to improve production.
physical capital or human capital
It can come in the form of ____ or ____
Physical Capital
a type of capital that refers to physical tools and equipment that make production more efficient
Human Capital
a type of capital that refers to skills and knowledge of the workers
Entrepreneurship
The intellectual capacity to organize and put together other factors of production to produce goods and services the society needs.
Economic growth
The overall expansion of an economy
increase in gross domestic product (GDP)
Economic growth can be measured by
Economic Growth
does not accurately represent the welfare or well-being of the members of a particular society.
Economic Development
Measure of the welfare of an economy’s members
Economic Development
Looks at quality of life and living standards
Quality of education
State of poverty
Environmental sustainability
In economic development some factors taken into consideration which are:
Sustainable Development
Economic development that meets the needs of the present without compromising the needs of future generations.
AmBisyon 2040
Inclusive growth is one of the key goals of
Inclusive Growth
Growth that not only benefits the elite but helps all members of a society
