AS Introduction to economics
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Economics is the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It involves making choices about what, how much, and for whom to produce goods and services. These choices must be made because resources are limited and cannot satisfy unlimited wants, a fundamental problem known as scarcity. Choices inevitably require trade-offs where one option is selected over others, with the value or opportunity cost of a choice being the next best alternative forgone.
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Introductiontoeconomics 121105210605-phpapp01
This document provides an introduction to economics. It defines economics as the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It discusses macroeconomics, microeconomics, and the 5 economic questions society must answer. It also explains key economic concepts like resources, scarcity, choices, trade-offs, opportunity costs, factors of production, and costs and revenues. Finally, it provides an overview of traditional, command, and free market economies.
Introductiontoeconomics 121105210605-phpapp01-170825103853
This document provides an introduction to economics. It defines economics as the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It discusses macroeconomics, microeconomics, and the 5 economic questions society must answer. It also explains key economic concepts like resources, scarcity, choices, trade-offs, opportunity costs, factors of production, and costs and revenues. Finally, it provides an overview of traditional, command, and free market economies.
Unit 1 Economics you_
Economics deals with the production, distribution, and consumption of goods and services. People face tradeoffs in making choices due to limited resources. The opportunity cost of a choice is the next best alternative given up. Supply and demand determine the price of goods. Scarcity means human wants exceed limited resources, so choices must be made.
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Introductiontoeconomics 121105210605-phpapp01-170825103853
Introductiontoeconomics 121105210605-phpapp01-170825103853
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AS Introduction to economics
- 1. AS Economics Introduction to Economics
- 3. WHAT IS ECONOMICS??? • Economics – the study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs. • What does THAT mean?!!??!!
- 4. The Study of Economics • Macroeconomics – The big picture: growth, employment, etc. – Choices made by large groups (like countries) • Microeconomics – How do individuals make economic decisions
- 5. ECONOMICS: 5 Economic Questions Society (we) must figure out • WHAT to produce (make) • HOW MUCH to produce (quantity) • HOW to Produce it (manufacture) • FOR WHOM to Produce (who gets what) • WHO gets to make these decisions?
- 6. What are resources? • Definition: The things used to make other goods
- 7. BUT, there’s a Fundamental Problem: SCARCITY: unlimited wants and needs but limited resources
- 8. Choices, Choices • Because ALL resources, goods, and services are limited – WE MUST MAKE CHOICES!!!!
- 9. Why Choices? We make choices about how we spend our money, time, and energy so we can fulfill our NEEDS and WANTS. What are NEEDS and WANTS?
- 10. Wants and Needs, Needs and Wants • NEEDS – “stuff” we must have to survive, generally: food, shelter, clothing • WANTS – “stuff” we would really like to have (Fancy food, shelter, clothing, big screen TVs, jewelry, conveniences . . . Also known as LUXURIES
- 11. VS.
- 12. TRADE-OFFS You can’t have it all (SCARCITY – remember?) so you have to choose how to spend your money, time, and energy. These decisions involve picking one thing over all the other possibilities – a TRADE-OFF!
- 13. Trade-Offs, cont. • IN YOUR JOURNAL: What COULD you have done instead of come to school today? • These are all Trade-Offs! Thanks for being here!
- 14. A special kind of Trade-Off is an OPPORTUNITY COST = The Value of the Next Best Choice (Ex: Sleeping is the opportunity cost of studying for a test)
- 15. Opportunity Costs • This is really IMPORTANT – when you choose to do ONE thing, its value (how much it is worth) is measured by the value of the NEXT BEST CHOICE. – This can be in time, energy, or even MONEY If I buy a pizza… Then I can’t afford the movies… Q: What is the opportunity cost of buying pizza?