First Quarter Economics Notes PDF
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Summary
These notes provide an overview of economics, including rubrics, definitions, and economic systems. The social science elements of the document describe allocation, scarcity, and the hierarchical needs of a person. The intended level is likely secondary school
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(Medjo hindi kumpleto) **Economics Rubrics:** **3c's (Because tr. Chad)** A. B. C. **End Goal:** - **Economics:** **What is Economics?** - - **Why study Economics?** - - - - - - **Social Science:** Definition of: Social/Society - - Definition of: Science...
(Medjo hindi kumpleto) **Economics Rubrics:** **3c's (Because tr. Chad)** A. B. C. **End Goal:** - **Economics:** **What is Economics?** - - **Why study Economics?** - - - - - - **Social Science:** Definition of: Social/Society - - Definition of: Science - **SOCIAL SCIENCE** - - Examples: 1. - 2. - - 3. - 4. - 5. - 6. - **Shortage & Scarcity:** Broad definitions:\ Scarcity- inherent limitation (Limited availability of a resource) Shortage- market situation (Supply is lesser than the demand) **Needs & Wants** - 1. - - 2. - - 3. - - 4. - - - **Allocation** -the distribution of resources/something. **Economic Systems** +-----------------------+-----------------------+-----------------------+ | **Economic systems** | **Socialism**- public | **Capitalism**- | | | ownership or | ownership of private | | | government ownership | owners/businesses | +=======================+=======================+=======================+ | **Planned**- | 1. | 3\. **Planned | | government decides | | Capitalism**- | | | | Resources are | | | | privately owned, | | | | but the government | | | | decides what to do | | | | with the resources. | +-----------------------+-----------------------+-----------------------+ | **Market**- people | 2. | 4\. **Market | | decide | | Capitalism**- | | | | Resources are | | | | privately owned by | | | | businesses or | | | | citizens and there | | | | is minimal | | | | government control. | | | | The private owners | | | | decide the factors | | | | of production and | | | | allocation. | +-----------------------+-----------------------+-----------------------+ **Marxism** - - **Laissez-Faire** - - - **Equality vs. Equity** **Equality**- everyone receives and gives the same. **Equity**- more will be given to those who need it most. More will be taken from who is more capable to give.
