What is Economics?.

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Billions of people could benefit from better economic policies. Millions are dying because of bad ones. Sometimes the logic of economics is so compelling.

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Presentation transcript:

What is Economics?

Bell Work Name 2 people and 2 events that you believe have major economic impacts Give an example for each in how they/it have impacted an economic system.

Examples https://www.youtube.com/watch?v=GC2qk2X3fKA

Economics The study of how people seek to satisfy their needs and wants by making choices.

It all begins with…. Needs Wants

Class Activity How much money are you wasting? List all goods and services you buy in a month List how much each good or service costs. Ask yourself if you truly NEED each good or service. Then, write “need” next to the items you feel that you must have. Add up all of the goods and services that do not have “need” written next to them. That is how much money you DID NOT need to spend for that month. How much money are you wasting?

Wants Needs Something we desire but is not needed for survival Something that is necessary for survival Something we desire but is not needed for survival

Needs or Wants?

1. July 14, 2005, traded the paperclip for a fish-shaped pen. 2. traded the pen for a hand-sculpted doorknob 3. July 25, 2005, trade the doorknob for a Coleman camp stove (with fuel). 4. September 24, 2005,, traded the camp stove for a Honda generator. 5. November 16, 2005, trade the generator for an "instant party": an empty keg, an IOU for filling the keg with the beer of the bearer's choice, and a neon Budweiser sign. 6. December 8, 2005, he traded the "instant party" for one Ski-Doo snowmobile. 7. traded the snowmobile for a two-person trip to Yahk, British Columbia, 8. January 7, 2006, he traded the second spot on the Yahk trip for a box truck. 9. February 22, 2006, he traded the box truck for a recording contract with Metalworks in Mississauga, Ontario. 10. April 11, 2006, traded the recording contract to for a year's rent in Phoenix, Arizona. 11. April 26, 2006, traded the one year's rent in Phoenix, Arizona, for one afternoon with Alice Cooper. 12. May 26, 2006, traded the one afternoon with Alice Cooper for a KISS motorized snow globe. 13. June 2, 2006, he traded the KISS motorized snow globe for a role in the film Donna on Demand. 14. July 5, 2006, he traded the movie role for a two-story farmhouse in Kipling, Saskatchewan.

Kyle MacDonald: One red paper clip

Goods and Services

Service Good Something that you can use or consume Something that is done for you

Which of these could be either a good or service?

Are these goods and services scarce? Which are goods?

Yes! They are all affected by scarcity Limited quantities of resources to meet unlimited wants

Scarcity ALWAYS exists in everything we produce! Brain Busta!!!! Then what is the difference between a good that is scarce and one that is in a shortage? A situation in which a good or service is temporarily unavailable. Scarcity ALWAYS exists in everything we produce!

Shortage?

The Factors of Production