The document provides an overview of economics, distinguishing between microeconomics, which focuses on individuals and businesses, and macroeconomics, which looks at entire economies. It explains key concepts such as markets, factors of production, trade-offs, and opportunity costs, with examples including the trade-off between investing in stocks or buying shoes. Additionally, it discusses the costs involved in manufacturing shoes and suggests an endorsement strategy involving Anthony Beckett to attract consumers.

1. Product Markets, Factor Markets, & Market Economies ExplainedBrought to you by:Marísa BerríosJonathan BorjaKelsey MeagherMike Tatarian

2. Quick Break Down…Economics is the study of the choices people make to satisfy their needs and wants.MicroeconomicsIndividual & Business levelMacroeconomicsBehavior of entire economicsMajor Players in the EconomyConsumers People who buy productsProducers Manufacturers of products

3. Basic Economic QuestionsWhat to produce?How to produce it?For Whom to produce it?Factors of Production are the resources used to produce the goods. These include:Natural ResourcesHuman ResourcesCapital Resources Entrepreneurship

4. MarketsMarket: is any institution that brings buyers and sellers together.Product Market: Anything that gets people together to buy and sell markets.Factor Market: Anything that gets people together to buy resources.

5. Trade Offs and Opportunity Trade Off One good is sacrificed for anotherOpportunity CostsThe value of the next best alternative that is given up in the trade-off. Example: You can either buy stocks in Starbucks or Nike shoes.

6. The Beckett DealAnthony Beckett should endorse the shoes so that his fame will attract young athletes and fans. The use of affordable labor through Layman would decrease the cost while still maintaining an attractive image.

7. Approximate Break Down of CostCostsTwo pounds of rubber is $1.56One pound of cotton is 62 centsUnskilled labor will cost $8 per hourTwo hours to make a pair of shoesTotal cost of the shoe is $18.18The product could be sold for approx. $40.00 meaning the capital would be approx. $20.00.

8. Endorsement Graph

9. The End