Basic Economics
The Law of Supply and DemandWhen supply is up, anddemand is down, prices godown.When supply is down anddemand is up, price...
The 4 Factors of     ProductionNatural ResourcesHuman Resources/LaborCapital ResourcesEntrepreneurship
ScarcityIn any society there is neverenough of everything tosatisfy everyone’s wants andneeds.
More on ScarcityUnlimited wants and limitedresources force choices.Individuals, businesses, andgovernments all makechoices...
Scarcity in Developed        Nations Insufficient domestic petroleum Lack of raw materials Unfavorable balance of trade(mo...
Underdeveloped NationsNot enough farmland, water,foodLack of medical personnel,disease controlLack of transportation for g...
Continued:Lack of building materialsLack of employmentLack of capital forinvestmentLack of education
TechnologyAdvancements in technologyhave led to higher productivityand a higher standard of living.
Examples:The wheelIrrigationHydroelectric powerAutomobilesTelephones      Computers
OPECOrganization of PetroleumExporting CountriesCountries worked togetherand were able to raise theprice of oil!
The richest oil-producingcountries in the M.E. are on theArabian Peninsula.Kuwait, Qatar, and the UnitedArab Emirates
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Basic Economics

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Basic Economics

  1. 1. Basic Economics
  2. 2. The Law of Supply and DemandWhen supply is up, anddemand is down, prices godown.When supply is down anddemand is up, prices go up.
  3. 3. The 4 Factors of ProductionNatural ResourcesHuman Resources/LaborCapital ResourcesEntrepreneurship
  4. 4. ScarcityIn any society there is neverenough of everything tosatisfy everyone’s wants andneeds.
  5. 5. More on ScarcityUnlimited wants and limitedresources force choices.Individuals, businesses, andgovernments all makechoices due to scarcity.
  6. 6. Scarcity in Developed Nations Insufficient domestic petroleum Lack of raw materials Unfavorable balance of trade(more imports than exports)
  7. 7. Underdeveloped NationsNot enough farmland, water,foodLack of medical personnel,disease controlLack of transportation for goods
  8. 8. Continued:Lack of building materialsLack of employmentLack of capital forinvestmentLack of education
  9. 9. TechnologyAdvancements in technologyhave led to higher productivityand a higher standard of living.
  10. 10. Examples:The wheelIrrigationHydroelectric powerAutomobilesTelephones Computers
  11. 11. OPECOrganization of PetroleumExporting CountriesCountries worked togetherand were able to raise theprice of oil!
  12. 12. The richest oil-producingcountries in the M.E. are on theArabian Peninsula.Kuwait, Qatar, and the UnitedArab Emirates

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