Central Idea: Central Idea: The economy, government and citizens have an interdependent (symbiotic, codependent, mutually supporting) relationship
Lines of Inquiry
•Decisions that consumers make in an economy
•Interaction between citizens and their government
•Relationship between government and the economy
Vocab
economy: study of money and how goods and services are made, circulated, and used
budget: an estimate of income and how much you want to spend
Profit: the money a business makes after all the expenses
Entrepreneur:someone who creates their own business
capital resource: man-made tools, machines, or locations used in the manufacturing of goods
natural resource: anything that people can use which comes from nature
Human Resources: the people who work for the organization
opportunity cost: thing you give up by choosing to do one thing instead of another
Market Forces: supply=amount of something that is available demand=the number of consumers who want it. S&D=market forces
innovation: Developing new and better products through research and design
competition: producers battling over who can make the most $
incentive: the thing that motivates producers to produce and consumers to buy
Market Economy: producers free to decide what to produce, consumers free to buy whatever they need and want.
Lines of Inquiry
•Decisions that consumers make in an economy
•Interaction between citizens and their government
•Relationship between government and the economy
Vocab
economy: study of money and how goods and services are made, circulated, and used
budget: an estimate of income and how much you want to spend
Profit: the money a business makes after all the expenses
Entrepreneur:someone who creates their own business
capital resource: man-made tools, machines, or locations used in the manufacturing of goods
natural resource: anything that people can use which comes from nature
Human Resources: the people who work for the organization
opportunity cost: thing you give up by choosing to do one thing instead of another
Market Forces: supply=amount of something that is available demand=the number of consumers who want it. S&D=market forces
innovation: Developing new and better products through research and design
competition: producers battling over who can make the most $
incentive: the thing that motivates producers to produce and consumers to buy
Market Economy: producers free to decide what to produce, consumers free to buy whatever they need and want.