Economics Key Terms Economics need want law of scarcity producer consumer factors of production supply demand law of supply law of demand price equilibrium.

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Presentation transcript:

Economics Key Terms Economics need want law of scarcity producer consumer factors of production supply demand law of supply law of demand price equilibrium point surplus shortage Economic interdependence

What is Economics? What is the Law of Scarcity?

Economics The Social Science that deals with making choices about how we use our resources, including money and time.

Law of Scarcity All resources are limited

Opportunity Cost In order to get something you always have to give up something else.

Economics 3 economic questions 1.What should be produced? Cars vs. Buses & Trains Space exploration vs. farming technology

Economics 2.For whom should we produce? Wealthy/Rulers Consumers Poor/equal distribution

Economics 3.How should we produce? Machine Human Power

4 Factors of Production Land Labor Capital Management

Supply The amount of a good or service for sale at a given time

2 Main Types of Economies Government Interference Less More Capitalism (Free Market) Communism (Command Economy)

Government Interference in free market How: Taxes, Tariff, Price Ceiling, Price floor Why: Protection American Products the environment Innovation/Technology People

Law of Supply As prices go up, producers are willing to produce more, as prices go down, the produce less

Demand The ability and willingness of people to buy something.

Law of Demand As prices go up, people demand less. As prices go down, people demand more.

Supply and Demand