THE BASICS OF ECONOMICS

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Presentation transcript:

THE BASICS OF ECONOMICS

WHAT IS ECONOMICS?

THE BASICS SCARCITY ALLOCATION NEEDS &WANTS GOODS & SERVICES

RESOURCES (factors of production) LABOR CAPITAL ENTREPRENEURSHIP TECHNOLOGY LAND

OPPORTUNITY COSTS Scarcity leads to allocation What would you be doing right now?

PRODUCTION POSSIBILITIES Guns vs. Butter Underutilized When does the curve shift to the right? Most efficient

CURVE PRACTICE A company produces 2 products: pencils & pens. If they produce only pens (no pencils), they can produce 1000 units. For every 100 pencils they produce, they can make 100 fewer pens.

CURVE PRACTICE You have 5 hours of free time after school. Think of 2 ways you can spend this time. Draw a T-chart and production possibilities curve to illustrate this.