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Economics is the study of how individuals and societies make choices to satisfy unlimited wants with limited resources. It can be divided into microeconomics, which examines individual and firm decision-making, and macroeconomics, which analyzes entire economies and sectors. There are four factors of production - natural resources, human resources, capital resources, and entrepreneurship - that are used to create goods and services for consumers and producers. Economic decision-makers include consumers who purchase goods and services based on needs and wants, and producers who supply goods and services to satisfy consumers.
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Presentation1
- 2. What is Economics? Economics is the study of choices that people make to satisfy their needs and wants. Why is it important? Economics is highly relevant to every aspect of your life. You can’t have it all, so you must make choices!
- 3. Some Principles of Economic Thinking… Individuals act to make themselves as well off as possible Everything has a cost All actions have consequences (intended / unintended) People’s choices influence the value of goods and services
- 4. 2 kinds of Economics Microeconomics is the study of choices made by economic actors (households, companies, individual markets). Macroeconomics studies the behaviors of entire economies (all the sectors of the US economy) Other Examples?
- 5. Economic Decision-makers Consumers are people who decide to buy things based on needs and wants. Producers are the people who make things that satisfy consumers’ needs and wants Simply said, consumers choose what to buy, and producers choose what to provide and how to provide it. This is the basis of all economic systems!
- 6. How do you make decisions? Based on goods and services or simply products. Goods are physical objects that can be purchased. Services are actions or activities performed for a fee. Examples?
- 7. Economic Resources A resource is anything that people use to make or obtain what they need or want. Factors of production are resources used to create products (goods and services). A resource is only a factor of production when it is scarce or limited.
- 8. Factor #1: Natural Resources Items provided by nature to produce goods and services
- 9. Factor #2: Human Resources Any human effort used during production. Intellectual or physical
- 10. Factor #3: Capital Resources Any man-made good produced and used to make other goods and services. Capital resources = CAPITAL GOODS + MONEY SPENT TO BUY CAPITAL GOODS
- 11. Capital vs. Consumer goods Business use VS. personal use Some products can be either capital goods or consumer goods, depending on how they are used! Technology as a capital good Technology is the use of technical knowledge and methods to create new products or make existing products more efficiently.
- 12. Factor #4: Entrepreneurship The combination of organizational abilities and risk taking involved in starting a new business / creating a new product. Goal: To make something of value (whether it be a good or service) to maximize profits An entrepreneur must develop a new mix of the 4 factors of production to create a valuable product.
- 13. Class Activity: Groups of 3-4 Relate 7 key terms to an event at the Staples Center. Some questions to think about… Who are the consumers / producers? What kinds of goods / services are provided? What factors of production are used before, during and after a basketball game?
Editor's Notes
- Ex: air – scuba diving (p. 4)