1. { Inputs into the production process. Outputs are finished products. The main factors are land, labor, capital, and entrepreneurship. Nick Wuensche Period 1

2.  Land, labor, capital, and entrepreneurship are the factors that go into the production process.  Land- natural resources  Labor-the effort put into the process  Capital-what is required to start a business  Entrepreneurship-effort put into organizing labor Explanation

3. Visual

4. Computer Time and effort Money Electronics Connection

5. Economics - the social science that analyzes the production, distribution, and consumption of goods and services. Scarcity- the state of being scarce or in short supply; shortage.

6. Divided into two divisions: Microeconomics and Macroeconomics Economics is anything that has to do with goods being produced, distributed, or consumed Scarcity is when there is a finite amount of resources. Nature doesn’t provide as much as people want Scarcity affects the production area of economics When there are limited resources, we must control how much we produce, so we don’t run out

10. X

11.  economic system based on competition between businesses  Involves private ownership  Minimal government involvement  Agrees with laissez faire (belief that economies function best when there is no interference by government)

12. Everyone has fair chance of becoming successful and wealthy Wealthiest people or companies have all the power over others

13.  Donald Trump is a famous capitalist  He purchases property at a low price, waits for the value of the property to go up, and then sells it  makes a large profit  He is often called a “self-made man" because he earns his own fortune with no or minimal government involvement

15. * Debt: something, typically money, that is owed or due. * Collateral: something pledged as security for repayment of a loan, to be forfeited in the event of a default.

16. * Examples of debt: bonds, loans, etc. * For example: * Company might have to borrow $1 million for a piece of equipment * Debt of $1 million must be paid back to the creditor at a later date * Used as a method for making large purchases people/corporations are unable to afford under normal circumstances

17. * Examples of collateral: if you got a mortgage, your collateral would be your house * If you stop making monthly house payments, lender can take possession of the home through a process called foreclosure * Not just mortgages: vehicle would be seized if you stop making car payments

19. * Debt = if you borrow a pencil from a friend, you owe them their pencil or a pencil that’s just as good back * Collateral = if you borrow a pencil from a friend, and they take a pen from you to make sure you give the pencil back. If you don’t give it back, they keep the pen.

20. Kendall O’Neill NEEDS AND WANTS

21. Definition Needs- of necessity; necessarily Wants-to feel a need or a desire for; wish for

22. Explanation Needs are things that are required for life (ex. Food and water) Wants are extra items that make life easier (ex. Dishwasher) For example if you live in Alaska you need a winter coat, but you want a Northface

23. Visual

24. Connection

25. The GDP By Natalie Carlin

26. What is the GDP? The monetary value of all the finished goods and services produced within a country's borders in a specific time period.

27. A Simple Explanation… GDP = C + G + I + NX where: "C" is equal to all private consumption, or consumer spending, in a nation's economy "G" is the sum of government spending "I" is the sum of all the country's businesses spending on capital "NX" is the nation's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports) http://www.investopedia.com/video/play/what-is-gdp/

28. Remember it by… Thinking of a big animated monster named GDP that needs to eat CGI and NX to stay alive. (GDP=C+G+I)

29. By: Rachel Millstein

30.  A market economy based on supply and demand with little or no government control  An idealized form of a market economy where buyers and sellers are allowed to transact freely based on a mutual agreement on price without state intervention in the form of taxes, subsidies or regulation.

31.  The state government is not able to intervene with the citizens  All trading markets are under their own regulations and determine their own trading laws  The markets are able to enforce specific laws while maintaining under loose regulations  More freedom than any economy seen prior

33. Free Market Economy Freedom to do what you please or The Farmer’s MARKET sells FREE food

34. Stock Market and the DOW Jones Industrial Danielle Luftschein

35. DEFINITIONS  Stock market: the organized buying and selling of a company’s shares/stocks both over-the-counter and on the web.  DOW Jones Industrial: tracks the stock market for investors. The average of 30 significant stocks traded on the NYSE and NASDAQ

36. CONCEPT  Progress in the stock market is reflected by the DOW, so investors know what to invest in. The proceeds from the stock market are poured back into companies, which use the money to improve efficiency and productivity.  Many stock exchanges only sell stocks that meet trading criteria, such as a certain amount of money earned by the company per year.

38. Connections  The DOW is to the stock market as a corollary is to a theorem, in that the DOW can’t exist without the stock market. Yeahhh! I earned a penny!

39. Videos  http://www.investopedia.com/terms/s/stockmarket.asp

40. BY: GRACE LAGGAN GLOBAL ECONOMY

41. GLOBAL ECONOMY-DEFINITION Global economy is the economy of all the world’s nations and society combined to reflect the overall economic state of the world

42. GLOBAL ECONOMY-CONCEPT Used to monitor the economic activity between countries, because each economy affects the other Can be evaluated in many ways depending on the model used Typically judged in monetary terms The value of the economy can be represented in a specific currency such as the official value of the U.S. Dollar or Euro

43. GLOBAL ECONOMY-CONCEPT All of the world’s economies combined Often only includes human economic activities, but can also include the values of resources Global Economy is exclusive to values of resources on planet earth so (for example) the value of mining on Mars would not be included in global economic value Also does not include economic activities without a legal market like black market and drug trade

44. GRAPHIC

45. CONNECTION The globe is all the countries combined, and so is the global economy

47. INTEREST- A sum paid or charged for the use of money or for borrowing money (such a sum expressed as a percentage of money borrowed to be paid over a period of time) CREDIT- Confidence in a purchaser’s ability and intention to pay, displayed by entrusting the buyer with goods or services without immediate payment

48. CREDIT CARDS Credit card issuers give credit cards to people as a system of payment based on the cardholder’s promise to pay for them. The issuer creates an account and grants a “line of credit” from which the cardholder can borrow.

49. CREDIT CARD INTEREST The main way in which credit card issuers generate revenue. Card issuers are normally banks or credit unions. The bank pays the cardholder and then charges the cardholder interest over the time the money remains borrowed.

50. Cardholder Credit Card Bank Interest Money Store Goods/Services

51. How you will remember it… I have no pneumonic, so I’ll explain it in layman’s terms. If you get a credit card from a credit card issuer, then you are a cardholder. If you are a cardholder, you use the card as a sort of substitute for a sort of IOU that your issuer picks up. At some point, you pay the issuer with interest. Don’t be the person who doesn’t pay, because it isn’t cool.

52. Mike Knight

53.  Disposable income: The amount of money that households have available for spending and saving after income taxes have been accounted for.  Budget: An estimate of income and expenditure for a set period of time.

54.  The disposable income of a household is predicted in a budget, which predicts how much you make and gives parameters for how much you can spend. The disposable income is the money allowed for expenditure in the budget.

55. Disposable income Bills PaymentsTaxes Income Budget predictsExpenditure allowed in budget

56.  A households whole income is like a pie. Your friends take their portions of the pie, this represents taxes, bills, any mandatory payments. What you have left is what you can eat. This is your disposable income. Your budget is what you would have predicted. You would have predicted how much your friends would eat, and so you readied yourself to have this certain amount of pie left to eat, or in our case, money left to spend.

60. http://www.investopedia.com/video/play/preferred-stock- vs-common-stock/

62. John Maynard Keynes a British economist whose ideas have greatly affected the theory and practice of modern macroeconomics

63. Keynes supported the use of government monetary and fiscal policy to maintain full employment without inflation He wrote Tract on Monetary Reform and Treatise on Money – major policy view was that the way to stabilize the economy was to stabilize the price level Keyne’s theory General Theory showed that full employment could by maintained only with the help of government spending

65. Connection The key to full employment is he usage of government monetary and fiscal policy

66. Capital - wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing. Goods - merchandise or possessions Services - the supplying of commodities

67. Capital in a nutshell is what money/assets you need to get your business started. Usually people take loans from banks.

68. Goods are things that you want to buy, and services are like labor and jobs that aren’t material items.

69. The bank is lending money to the business Bank Business

70. www.econedlink.org/interactives/index.php?iid=101&type=student

71. Andrew Goldberg

72.   The amount of a commodity, product, and service available and the desire of buyers for it, considering as factors regulating its price. What is it?

73.   A company is trying to sell a product.  If the cost to produce is up, the cost of the product goes up.  Known as the Law of Supply.  Not so fast…  When the production cost rises, consumer demand goes down.  Known as the Law of Demand. What does that mean?

74. 

75.   It’s the year 2050, and cardboard boxes are the hottest item on the market! Consumers cannot get enough of this exciting product. Big Box Inc. is struggling produce enough boxes to meet their costumers demands. It’s the holiday season, and everyone is traveling to the stores to buy a box. Based on supply and demand, will their price be up or down? Let’s play a game

76. Georgina Garvey

77.  Microeconomics- Study of the economic behavior of individual consumers, firms, and industries and the distribution of total production and income among them.  Macroeconomics- Study of the entire economy in terms of the total amount of goods and services produced, total income earned, level of employment of productive resources, and general behavior of prices.

78.  Macroeconomics- the study of the large economic systems of a country or region. A more broad study of the economy of the entire country. Analyze economic growth, price stability, and full employment

79.  Microeconomics- the study of the economic decisions and actions of individual people, companies, etc. More specific study of economics establish relative prices among goods and services and distribute society's resources among their many possible uses.

84. Sarah Devlin

85. Definition  Founder of modern communism  Advocate for communism; believed capitalism contained the “seeds of its own destruction”  Helped write The Communist Manifesto

86. Concept  Believed communism is the inevitable  His work called for the overthrow of capitalism  “From each according to his abilities, to each according to his needs”

87. Some points of Marxism…  No property or ownership of land  Income tax relates to income (the more you make the more you pay)  Free education in public schools, no child labor  Factories of production owned by the state  equal obligation of all to work and the establishment of an industrial and agricultural armies  Undervalued non-economic forces  Didn’t take culture and tradition into account  Supporters believed it would give the working class a better life Reactions/ Problems

88. “Workers of the world unite; you have nothing to lose but your chains”

89. Connection  Karl Marx- Communism Capitalism

90. Adam Smith Ragini Devala

91.  free-market economist famous for his ideas about the efficiency of the division of labor and the societal benefits of individuals' pursuit of their own self- interest. Definition

92.  Father of economics  World’s first free-market capitalist  An Inquiry into the Nature and Causes of the Wealth of Nations  first work dedicated to the study of political economy  Most of the ideas weren't his but he was the first person to publish the ideas in a way that any reader can understand  Laissez-faire philosophies and the idea of “invisible hand” were promoted from Smith Concept

93.  Wanted to reduce the amount of effort to produce a product  Assembly line  Handful of pins (1 man) vs. thousands of pins (10 men- assembly line)  Self-interested individuals can work together peacefully and productively Concept cont’d…

95.  Adam Smith = Self-interest  Adam Smith = Assembly Line Connection