Scarcity. Shortage Capital Physical capital Human capital.

Slides:



Advertisements
Similar presentations
Market Economies at Work: Supply and Demand
Advertisements

Supply, Demand, and the Price System. Quick Review – the following information should be in your notes already.
Questions on Demand, Supply, Price. What is the law of demand states.
Define economics The study of how people seek to satisfy their needs and wants by making choices.
Foundations of Economics
Economics – Supply and Demand
THE MARKET SYSTEM and the Circular Flow Model
Microeconomic Challenges
1. absolute advantage 2. capital 3. command economy.
Demand and Supply. Main idea: Demand includes only those people who are willing and able to buy.
CH. 7: DEMAND AND SUPPLY A. DEMAND 1. “The MARKETPLACE” 2. DEMAND 3. MARKET 4. VOLUNTARY EXCHANGE 5. LAW OF DEMAND (P QD )
Basic Economics (55-61). 1. Joe has $100. He needs a new jacket and would like to buy a pair of tickets for Sunday’s game. He cannot afford both. He buys.
Unit 8: Introduction to Economics By Emily Stine, Philip Hinton, Cassidy Nye, and Nick Ostendorff.
Chapter 6: Equilibrium Review BINGO. Excise Tax A tax that is placed on items the government believes is “harmful” to people” Example: Cigarettes & alcohol.
Economics.
Demand, Supply, and Market Equilibrium Chapter 3 Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
Unit 2: Elements of a Market Economy
Unit 3: Microeconomics SSEMI3 The student will explain how markets, prices, and competition influence economic behavior. a. Identify and illustrate on.
Demand, Supply, and Market Equilibrium 3 McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Analyze Features of the US Economic System
Goal 8 Economics II Topic 1: Types of Economies Topic 2: Supply/Demand Topic 3: Business Organization Topic 4: Managing Money & Banking Topic 5: Consumer.
O How does scarcity influence the decisions people make? o What is the difference between a need and a want? o How does Opportunity Cost and the Law of.
Excise Tax And Allocative Efficiency. Effect of a $.15 Excise Tax QuantitySupply Price Before Tax Supply Price After Tax.
Key Concepts Unit Start of UNIT Scarcity 196. Choice 197. Cost and benefits.
Economics Key Terms Economics need want law of scarcity producer consumer factors of production supply demand law of supply law of demand price equilibrium.
Most Important Micro Graphs. Non-graph Concepts Comparative Advantage problems –Calculating opportunity costs –Calculating terms of trade Elasticity –Calculating.
Unit 4 Economics Supply and Demand. income effect Any increase or decrease in consumers’ purchasing power caused by a change in price.
Unit 1 review. 1.Economics 2.Scarcity 3.Trade-off 4.Opportunity cost 5.Marginal cost 6.Factors of production 7.Gross Domestic Product (GDP) 8.Productivity.
REVIEW FOR THE ECONOMICS Semester Exam
Edited By :- Krishan Jangra
Economics Unit Review Please select a Team. 1.Team 1 2.Team 2 3.Team 3 4.Team 4 5.Team 5 0 of 5 10.
  Scarcity is everywhere!  When a choice is made, the opportunity cost is the value of what is given up.  Therefore, all countries must make choices.
Main Definitions Market: –All situations that link potential buyers and potential sellers are markets. Demand: –A demand schedule shows price and quantity.
UNIT 7 PAGES OVERVIEW OF THE US ECONOMY. OVERVIEW OF BASIC ECONOMIC SYSTEMS Traditional : based on customs and traditions Command : government.
Benchmark Review How do economists define scarcity?
Midterm Vocabulary Studyguide. Economics Midterm Vocabulary 1) scarcity 2) land 3) capital 4) labor 5) entrepreneurs 6) consumer 7) goods 8) services.
Chapter 1- 3 Chapter 4- 6 Chapter 7-9 Chapter
Copyright 2011 The McGraw-Hill Companies 3-1 Demand Individual Demand Determinants of Demand Supply Individual Supply Determinants of Supply Market Equilibrium.
Chapter 6: Demand, Supply & Markets The Supply Curve Supply The quantities of a good or service that sellers are willing and able to sell at various.
Demand Demand is a schedule or curve that shows the various amounts of a product that consumers will buy at each of a series of possible prices during.
Supply & Demand Chapters 3, 4, & 5. Chapter 3 Demand – True demand meets 2 requirements: 1 2 Law of Demand Demand Curve: Demand Schedule: Diminishing.
Chapter 1 Vocabulary Need Want Scarcity Economics Entrepreneur
VOCABULARY REVIEW CHAPTERS 4-6. Vocabulary Chapter 4 ____________ is the amount of money a firm receives by selling its goods. Total revenue When the.
Unit 1 Basic Economic Concepts 8-12% 4-7 MCQs – all 3 SAQs.
Chapter 3 Demand, Supply, and Market Equilibrium McGraw-Hill/Irwin
AP Microeconomics Final Review
Demand, Supply, and Market Equilibrium
THE MARKET SYSTEM and the Circular Flow Model
Factors of Production -Capital or Capital Goods---the money or tools needed to produce goods/services -Land / Resources– the natural resources needed.
3 Demand, Supply, and Market Equilibrium.
UNIT ONE: PART II Supply & Demand.
The Pyramid Game.
Demand & Supply.
EOC Review Part 1.
STUDY GUIDE Final Exam Economics.
Sides Game.
This is Jeopardy! Unit 1 Exam Review.
Unit 3: Supply and Demand Vocabulary
Demand, Supply, and Market Equilibrium
3 Demand, Supply, and Market Equilibrium.
Microeconomics.
Graphing Supply and Demand
EOCT Review Microeconomics.
Microeconomics Vocabulary
Basic Economics 30. Explain what a comparative advantage is?
Topic 3 Supply and demand
3 C H A P T E R Individual Markets: Demand & Supply.
3 Demand, Supply, and Market Equilibrium.
Chapter 8 Review.
Unit 2 Study Guide.
Presentation transcript:

Scarcity

Shortage

Capital

Physical capital

Human capital

Opportunity cost

Standard of living

Traditional economy

Market economy

Centrally planned economy

Command economy

Mixed economy

competition

Invisible hand

Consumer sovereignty

Socialism

communism

Laissez faire

Private property

demand

Law of demand

Income effect

Inferior good

complements

substitutes

inelastic

elastic

supply

Law of supply

Quantity supplied

Elasticity of supply

Marginal product of labor

Increasing marginal returns

Fixed cost

Marginal cost

Operating cost

subsidy

regulation

equilibrium

Excess demand

Excess supply

Price ceiling

Price floor

Rent control

surplus

shortage

Supply shock

rationing

Zoning law

liability

Fringe benefit

Articles of partnership

Uniform Partnership Act (UPA

General paartnership

Limited partnership

Limited liability partnership (LLP)

assets

corporation

stock

Closely held corporation

Publicly held corporation

bond

Horizontal merger

Vertical merger

conglomerate

Multinational corporation (MNC)

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2024 SlidePlayer.com Inc. All rights reserved.