Economics is the study of how individuals and societies make decisions about using scarce resources to fulfill unlimited wants and needs. It examines production, distribution, and consumption of goods and services. Economics can be studied on a macro level, looking at overall growth, employment, and inflation, or on a micro level focusing on individual units like consumers and firms. Key economic questions include what and how much to produce, how to produce it, who gets what is produced, and who makes these decisions given the fundamental scarcity of resources.

1. Introduction to economics
WHAT IS ECONOMICS?
Economics is the study of how individuals and societies make
decisions about ways to use scares resources to fulfill wants and
needs.
It is a social science that deals with hoe people organize themselves
in order to allocate scarce resources in order to produce goods and
services that will satisfy the unlimited and multiplying wants and
needs of man.

2. WHAT DOES THAT MEAN?!?!

3. CONCERNS OF ECONOMICS
Is concerned with production
• Production is the use of inputs to produce outputs
Society have to decide what outputs will be produced and in what quantity.
Is concerned with distribution
• distribution is the allocation of the total products among the members of the
society.
 is concerned with consumption
• consumption is the use of a good or services.
 is concerned with public finance
• Public finance is concerned with government spending and income.

4. The study of economics
 MACROECONOMICS
• The big picture= economic growth ,employment , resources,
government, businesses and inflation
• It is the external factors of the economy

5. The study of economics
• MICROECONOMICS (SPECIFIC)
Deals with the economic behavior of the individual units such as
consumers, firms, the owners of factors of production
 it is the internal factors of an economy

6. FIVE ECONOMI QUESTIONS
WHAT to produce(make)
HOW MUCH to produce(quantity)
HOW to produce it(manufacturing)
 FOR WHOM to produce(who gets what)
WHO gets to make these decisions?

7. What are resources?
• Resources are the things we use to make other goods and services

8. There’s a fundamental problem
• SCARCITY= are unlimited wants and needs but limited resources

10. CHOICES
We make choices about how we spend our money, time and energy
so we can fulfill our needs and wants

11. OPPORTUNITY COST
• THE VALUE OF THE NEXT BEST CHOICE
Sleeping is the opportunity cost studying for a test

12. TRADE-OFFS
You cant 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. Refferences
• https://goo.gl/D1JY5Q
• https://goo.gl/pJGrQ2