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Education
1 of 15
Welcome to Summer Economics Ms. J. Hernandez [email_address]
Materials You Will Need to Bring to Class EVERYDAY ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Other Materials You will Need for Outside of Class ,[object Object],[object Object],[object Object],[object Object]
Chapter 1 What is Economics? ,[object Object],[object Object]
1-1: Scarcity and the Science of Economics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Video
Scarcity is the fundamental economic problem that forces consumers and producers to use resources wisely. Unlimited Wants Limited Resources Scarcity Choices WHAT to produce HOW to produce FOR WHOM to produce
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Factor of Production Description 1. Land Any natural resource; livestock, plants, water, oil, land 2. Labor Any human service, physical or intellectual 3. Capital Machinery and equipment used to produce. Also the factory. 4. Entrepreneul Ability Someone recognizing an opportunity, organizing the resources, and accepting the risk.
1-2: Basic Economic Concepts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
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1-3: Economic Choices and Decision Making ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
 
Society's PPC PPC and Resource Changes
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Economics 1

  • 1. Welcome to Summer Economics Ms. J. Hernandez [email_address]
  • 2.
  • 3.
  • 4.
  • 5.
  • 6. Scarcity is the fundamental economic problem that forces consumers and producers to use resources wisely. Unlimited Wants Limited Resources Scarcity Choices WHAT to produce HOW to produce FOR WHOM to produce
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.
  • 13.  
  • 14. Society's PPC PPC and Resource Changes
  • 15.