Mrs. Fonseca

Comments

• KAITLYN KOHLER

  4 ECONOMIC QUESTIONS: WHAT IS BEING PRODUCED, HOW MUCH IS BEING PRODUCED, WHO ARE YOU SELLING IT TO, AND WHY ARE YOU PRODUCING IT.
  MARKET SYSTEM: YOU DECIDE, GOVERNMENT REGULATES COMMERCE
  COMMAND SYSTEM:GOVERNMENT IS IN CHARGE
  TRADITIONAL SYSTEM: PASSED ON FROM FATHER TO SON OR MOTHER TO DAUGHTER, LITTLE BUSINESS
  

  10/4/2009 6:49:37 PM
• kaitlyn kohler

  *4 economic questions are...
  -What is being produced or offered?
  -How will it be produced or offered?
  -How much should be produced or offered?
  -Who will buy the product or service?
  *Market system- the U.S. and most of the western world operates in this way;also called the free enterprise or capitalist system;people own property, operate businesses, and make key decisions about the four questions of economics;government regulates to ensure fair business and safety of workers and consumers.
  Command system-communist governments use this system;government officials decide how to use the four economic questions.
  Traditional system-underdeveloped nations use this system;the four economic questions are answered by custom or tradition;jobs that are handed down from father to son;men and women have different kinds of jobs.
  *Competition is important for the producer or manufacturing company because it can lead into lower cost manufacturing processes which will help them get more consumers. This is good for the consumers because they get the products for less.
  *A wage is the amount of money you get an hour.
  A salary is the amount of money you get a year no matter how many hours you have worked.
  *When making your personal budget you have to consider having a savings account so if something unexpected happens (such as a heart attack) you have the money to pay it.You also have to consider how much your mortgage note will be, your car note will be, grocery bill will be, electricity note will be, etc.Also if you have kids, you will probably put them in activities(such as dancing, football, softball, volleyball, etc)that you have to pay monthly for too.
  
  
  
  

  10/5/2009 7:26:46 PM