Please enable JavaScript.

Coggle requires JavaScript to display documents.

Economic Concepts, Shortage, Surplus, Price: Y axis, Quantity: x axis -…

- - - - Increased productivity and efficiency
      - Workers who are good with numbers may do a better job on inventory control than one who is not good with numbers
      - Workers require less training
      - It is faster to work on one job at a time
      - Workers do not have to move around the factory
      - Workers concentrate on jobs which are best suited for their skills
    - - Specialization in work may result in lowered skills and enthusiasm
      - Work may become extremely repetitive and boring for workers
      - An assembly line could come to a complete stop if there is a problem in only one area
  - - - CFA; What happens if there is a avian flu that kills off chickens and decreases production or what if there is a sudden change in the public view point of chicken production decreasing sales?
- - - - Market
        
        businesses make production decisions
        
        consumers earning more money purchase more goods and services
        
        consumers are motivated to work in order to earn more money
        
        consumers decide what is produced by the purchases they make
      - Capitalism
        
        Privately owned businesses
        
        Production development ~ accumulation and reinvestment of profits from free market
        
        Typically a democratic government
        
        Contains fewer social services than in a socialist country
      - Free Enterprise
        
        Use Capitalistic Approach
        
        Encourages people to start and run a business W/o gov involvement
        
        Encourage competition
    - - Command
        
        one person or group of people own and run all businesses
        
        one person or group of people decide who will receive goods and services produced
        
        one person or group of people make production decisions
        
        Communism
        
        Government Run. Controls many aspects of daily life
        
        Little to no economic freedom
        
        All working aged citizens are assigned a job and continue to be paid even if they stop working
        
        Gov determined schooling per individual
      - Socialism
        
        increased government involvement
        
        Prices low and jobs for everyone through Gov owned business
        
        Typically a temporary phase
        
        Provide Free or Low Cost Medical
        
        Provide Free Education K-College
        
        Pensions and free care for elderly
        
        Forcing companies and individuals to pay much higher taxes