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What is Economics?. Main Idea: Scarcity forces us to make choices. We can’t have everything we want, so we are forced to choose what we want most.

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Presentation on theme: "What is Economics?. Main Idea: Scarcity forces us to make choices. We can’t have everything we want, so we are forced to choose what we want most."— Presentation transcript:

1 What is Economics?

2 Main Idea: Scarcity forces us to make choices. We can’t have everything we want, so we are forced to choose what we want most.

3  Scarcity  Economics  Need  Want  Factors of production  Land  Capital  Financial capital  Labor  Entrepreneur  Production  Gross Domestic Product (GDP)

4  What is the fundamental economic problem?  List and briefly describe the basic economic questions every society must answer:  A  B  C

5  List and briefly describe the 4 factors of production:  A  B  C  D

6  List and briefly the describe the key elements of economics:  A  B  C  D

7  Create a chart giving 5 examples of how scarcity has affected your life. The chart should include your examples and how you adjusted to the situation. (two columns)

8 Main Idea: An economic product is a good or service that is useful, relatively scarce, and exchangeable.

9  Economic product  Good  Consumer good  Capital good  Service  Value  Paradox of value  Utility  Wealth  market

10  Factor market  Product market  Economic growth  Productivity  Division of labor  Specialization  Human capital  Economic interdependence

11  What is the relationship between scarcity, value, utility and wealth?  Draw chart: Circular Flow of Economic Activity on page 15  Explain why productivity is important to economic growth

12  3 columned chart to include: a. list of specialized workers and capital used in our school (3 each). b. Tell whether productivity would go up or down if these workers or capital were not available. c. Explain why or why not

13 Main Idea: Trade-offs are present whenever choices are made.

14  Trade off  Opportunity cost  Production possibilities  Frontier  Cost benefit analysis  Free enterprise economy  Standard of living

15  What is the relationship between trade offs and opportunity costs?  What are the decision making strategies that economists use?  Why is the study of economics important to the free enterprise system?

16  Make a list of at least 5 possible uses of your time that will be available to you after school today. Put a check mark by the ones you will actually do. Describe the opportunity costs of your decision will be. How will your decision affect those around you?

17 Economic Systems and Decision Making

18 Main Idea: An Economic System is a set of rules that governs what goods and services to produce, how to produce them, and for whom they are produced.

19  Economy  Economic system  Traditional economy  Command economy  Market economy

20  Copy chart page 38

21  Give an example of an economic activity from a traditional economy that is seen in today’s market economy. How is this activity important for the economy

22 Main Idea: The social and economic goals of the United States include economic freedom, economic security, and economic equity

23  Social Security  Inflation  Fixed income

24  List the 7 major goals of the United States economy  What is the conflict of raising minimum wage?

25  Try to think of an example of false advertisement that you have seen first hand or give an example of one that could happen. How does this generate support of economic equity?

26 Main Idea: Under capitalism, the basic economic decisions are made through the free interaction of individuals looking out for their own best interests.

27  capitalism  Free enterprise  Voluntary exchange  Private property rights  Profit  Profit motive

28  Competition  Consumer sovereignty  Mixed economy  Modified private enterprise economy

29  Copy chart pg 47  Why are entrepreneurs important?  What is the role of Government in a free enterprise economy?

30  3 columned chart to include:  List of 3 examples of voluntary exchange you have made in the last week  How it affected you  How it affected the person you made exchange with


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