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Basic Economics
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Basic Economics

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