What Is Economics
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What Is Economics

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What Is Economics Presentation Transcript

  • 1. What is Economics?
  • 2. Scarcity and Choice  Need –is something like air, food, or shelter that is necessary for survival  Want- is an item that we desire but that is not essential to survival  Economics- is the study of how people seek to satisfy their needs and wants by making choices
  • 3. Scarcity  Goods – are physical objects such as shoes and shirts  Services – are actions or activities that one person performs for another.
  • 4. Scarcity Vs. Shortages  Scarcity  Shortages  Implies limited quantities  A situation in which a of resources to meet good or service is unlimited wants unavailable.  While someone may be  Ex. Droughts can also able to buy hundreds of create shortages that last baseballs no one can for many years. have endless supply. Sooner or later a limit is reached
  • 5. Factors of Products  Land  Labor  Capital
  • 6. Land Any effort a person devotes to A task for which that person is paid
  • 7. Labor Any effort a person devotes to A task for which that person is paid
  • 8. Capital Any human-made resource that is used To create other goods and services - Physical capital – all human made goods that are used to produce other goods and services; tools and buildings - Human Capital – is the knowledge and skills a worker gains through education and experience
  • 9. Entrepreneurs  Are ambitious leaders who decide how to combine land, labor, and capital resources to create new goods and services.
  • 10.  http://www.forbes.com/2009/07/17/google- bing-research-entrepreneurs-sales-marketing- lewis.html
  • 11. Section 2 Opportunity Cost  Trade offs  Guns or butter  Opportunity cost  Thinking at the margin
  • 12. Trade-offs  Are all the alternatives that we give up whenever we choose one course over another.