Dedicated to Mrs. Lancaster and everyone in 1A

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ProductionProduction exists in a market
economy to provide products
or services to consumers
and to earn a profit.

Trains are an example of a final product of production.

MarketingEvery business in a market economy need to complete 4 marketing activities.
-Product
-Distribution
-Price
-Promotion
The goal of marketing is to attract as many customers as possible so the product
succeeds in the marketplace.

Salesman are a good example of how people promote
products in the marketplace.

ManagementIt is necessary in all businesses in a market economy to
spend a great deal of time developing, implementing, and evaluating plans
and activities.

Setting goals, determining how goals can be met, and how to respond
to the actions of competitors is the role of management.

Solving problems, managing the work of other employees, and evaluating the
activities of the business are all functions of being a manager.

FinanceThe finance function plans and manages financial
records and information related to businesses finances.

The first responsibilities of finance is determining the amount
of capital needed for the business to thrive.

Command Economy In a command economy, the government is in control of what,
how, and for whom products and services are produced.

Consumers, in a command economy, have very little choice for
consumers in what is available. This means individuals may not
be able to obtain exactly what they want.

Market EconomyMarket economies are about personal choice and
preference. Instead of the government deciding, individuals decide
what, how, and for whom goods and services are produced.

The individual choice creates the market, so there is many items
available that are very similar.