A
What is economics?
Economics is the study of the production, distribution, and consumption of goods and services.
Limited resources to meet unlimited wants—what does this refer to?
Scarcity
Mixed Economic Systems?
An economic system that combines both elements of command and market economies.
The efforts of corporations to contribute to social causes, often through donations or community service.
Corporate Philanthropy
I provide financial aid and technical support.
Helping nations grow and build trade's strong fort.
World Bank
True or False:
In a command economy, the government makes all decisions regarding production and pricing.
True
A resource that is often considered to have a limited supply.
Natural Resources
Give examples of durable goods.
Car, table, computer, sofa, chair, cellphones, etc., that can be used over and over again.
What is corporate social responsibility?
CSR is the idea that businesses should act ethically and contribute positively to society.
This includes being environmentally friendly, treating employees fairly, supporting local communities, and being transparent about their practices.
I prevent unfair pricing and ensure trade stays fair.
Imposing tariffs on imports.
Antidumping Laws
Goods?
Goods are defined as physical items that can be purchased.
Factors of Production?
Land, Labor, Capital and Entrepreneurship
Employees, managers, owners, board of directors, shareholders—Who are these people in a business?
Internal stakeholders
customers, suppliers, investors, government agencies, community members, media, and competitors—who are these people in a business?
External stakeholders
I bring nations together to negotiate and agree.
Reducing trade barriers so that goods flow freely.
WTO
The value of the next best alternative that you give up when you make a choice.
Opportunity Cost
The process of focusing on a specific task to increase efficiency.
Specialization
Small-scale economics (individual and business-level decisions)
Microeconomics
The term social impact refers to the effect an organization’s actions have on who?
Society or Community
I offer financial support to stabilize the land,
With policy advice to help economies stand.
IMF
Internal or External?
A company is restructuring its management team to improve productivity.
Internal
In this economy, consumers with their choices drive what is produced and prices.
Market Economy
Big-scale economics (economy as a whole)
Macroeconomics
Anti-dumping Laws
World Trade Organization (WTO)
World Bank
International Monetary Fund (IMF)
Agencies that Promote Trading Globally
What are the agencies that promote World Trade?
Anti-dumping Laws
World Trade Organization (WTO)
World Bank
International Monetary Fund (IMF)