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3 basic economic questions
what will be produced? how will it be produced? for whom will it be produced?
5 steps in a rational decision making process
define problem, list alternatives, understand your criteria, evaluate alternatives on basis of criteria, make a decision
3 parts of a financial plan
look at current financial situation, goals for the future, plans to meet goals
mandatory spending area
social security and medicare, interest on federal debt, entitlement programs
traditional economy (what, for whom, how)
tradition/family
mixed market economy (what, for whom, how)
consumer, both (producer targets, consumer is based on affordability), producers
command economy (what, for whom, how)
government
