1 Introduction To Economics

2,555 views

Published on

Published in: Technology, Economy & Finance
0 Comments
7 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
2,555
On SlideShare
0
From Embeds
0
Number of Embeds
27
Actions
Shares
0
Downloads
0
Comments
0
Likes
7
Embeds 0
No embeds

No notes for slide

1 Introduction To Economics

  1. 1. Introduction to Economics Objective: Introduction to basic economic concepts
  2. 2. Economics <ul><li>Economics is how people satisfy their needs and wants. </li></ul><ul><li>Which is a need and which is a want? </li></ul>
  3. 3. The Problem of Scarcity <ul><li>Scarcity is the condition of not being able to have all the goods and services you want </li></ul><ul><li>Since there isn’t enough stuff for everyone to have everything. </li></ul><ul><li>This forces us to make choices </li></ul>
  4. 4. Factors of Production <ul><li>We live in a world of limited resources </li></ul><ul><li>Resources can be divided into three groups </li></ul><ul><li>Land includes plants, animals, oil, water, and minerals </li></ul><ul><li>Labor includes work people do with their hands (goods) and minds (services) </li></ul><ul><li>Capital includes buildings, machines, and tools </li></ul>
  5. 5. Factors of Production <ul><li>Entrepreneurship - the ability to start your own business </li></ul><ul><li>Technology - the use of science to develop new products or new methods of doing business </li></ul>
  6. 6. Opportunity Cost <ul><li>A trade-off is what you give up in order to get or do something else </li></ul><ul><li>Opportunity Cost- is the value of the thing you gave up </li></ul>
  7. 7. Production Possibilities Curve <ul><li>Is a graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time </li></ul>
  8. 8. Goods and Services <ul><li>Goods are manufactured items such as televisions, cars, radios, ipods, computers </li></ul><ul><li>Services are things done for you by people. Doctors, lawyers, teachers, police, fire, food service, mechanics </li></ul>
  9. 9. Review <ul><li>What are the factors of production? </li></ul><ul><li>What is opportunity cost? </li></ul><ul><li>What is scarcity? </li></ul><ul><li>What is the difference between a good and a service? </li></ul>

×