Stan teaches about basic economics concepts such as needs versus wants, production, consumption, supply and demand, opportunity cost, profits, losses, taxes, and the different types of economic systems. He uses examples from his visit to the ice cream shop and interactions with other characters to explain these concepts in a fun, story-based way.
Stan teaches about economics by taking the reader on a tour of his town. He visits Bubba's Ice Cream shop where he learns about supply and demand when they are out of his favorite flavor. He then sees children demonstrating consumer and producer roles when they visit the toy store. At the store, the reader learns about opportunity costs, profits, losses, specialization, interdependence, taxes, entrepreneurship, and free enterprise. Stan concludes his tour having provided an overview of key economic concepts.
The document summarizes the story of A Muruganantham, a school dropout from rural India who designed an inexpensive machine to produce sanitary napkins in order to make menstrual hygiene more affordable and accessible for women in rural areas. His machine is now installed in 250 locations across 18 Indian states. He does not view his work as a business but rather as a social cause, and has received national recognition for his innovation including the National Innovation Foundation's grassroots innovation award.
The document outlines six main economic goals: economic freedom, economic equity, economic efficiency, economic security, economic stability, and economic growth. It provides definitions and examples for each goal. Economic freedom involves individual choice in work and spending. Economic equity centers on fairness and redistribution. Economic efficiency means fulfilling needs with minimal waste. Economic security protects against risks like illness. Economic stability aims for sustained growth without large fluctuations. Economic growth is a sustained rise in production, as measured by GDP, which improves standards of living.
Stan teaches about key economic concepts through a story of his day in town. He visits Bubba's Ice Cream where he learns about supply and demand when they are out of his favorite flavor. At the toy store, the children learn about producers, consumers, taxes, and opportunity cost. Specialization and free enterprise are demonstrated through interactions with the toy store owner and competing popcorn stands.
Stan teaches about key economic concepts through a story of his day in town. He visits Bubba's Ice Cream where he learns about supply and demand when they are out of his favorite flavor. At the toy store, the children learn about being consumers and producers. Andy faces an opportunity cost when choosing between toys within his budget. The store owner makes profits on some items but loses money on others. Specialization and free enterprise are demonstrated through different businesses in town. Taxes fund public services like schools. An entrepreneur hopes to succeed with a new product idea.
Stan teaches about basic economic concepts through a story of his day in town. He learns that economics involves the production, distribution, and consumption of goods and services. People engage in trade and the use of money. Stan observes supply and demand at the ice cream shop. He sees specialization in action at the toy store and learns about taxes, entrepreneurs, and competition through free enterprise.
The document provides an introduction to basic economic concepts such as goods, services, producers, consumers, supply and demand through examples of characters buying ice cream and toys. It describes how early societies used bartering instead of money and how different economic roles like consumers, producers and entrepreneurs interact in a free market system through competition and specialization. Taxes, profits, costs and scarcity are also explained in the context of the characters' experiences.
Stan teaches about economics by taking the reader on a tour of his town. He visits Bubba's Ice Cream shop where he learns about supply and demand when they are out of his favorite flavor. He then sees children demonstrating consumer and producer roles when they visit the toy store. At the store, the reader learns about opportunity costs, profits, losses, specialization, interdependence, taxes, entrepreneurship, and free enterprise. Stan concludes his tour having provided an overview of key economic concepts.
The document summarizes the story of A Muruganantham, a school dropout from rural India who designed an inexpensive machine to produce sanitary napkins in order to make menstrual hygiene more affordable and accessible for women in rural areas. His machine is now installed in 250 locations across 18 Indian states. He does not view his work as a business but rather as a social cause, and has received national recognition for his innovation including the National Innovation Foundation's grassroots innovation award.
The document outlines six main economic goals: economic freedom, economic equity, economic efficiency, economic security, economic stability, and economic growth. It provides definitions and examples for each goal. Economic freedom involves individual choice in work and spending. Economic equity centers on fairness and redistribution. Economic efficiency means fulfilling needs with minimal waste. Economic security protects against risks like illness. Economic stability aims for sustained growth without large fluctuations. Economic growth is a sustained rise in production, as measured by GDP, which improves standards of living.
Stan teaches about key economic concepts through a story of his day in town. He visits Bubba's Ice Cream where he learns about supply and demand when they are out of his favorite flavor. At the toy store, the children learn about producers, consumers, taxes, and opportunity cost. Specialization and free enterprise are demonstrated through interactions with the toy store owner and competing popcorn stands.
Stan teaches about key economic concepts through a story of his day in town. He visits Bubba's Ice Cream where he learns about supply and demand when they are out of his favorite flavor. At the toy store, the children learn about being consumers and producers. Andy faces an opportunity cost when choosing between toys within his budget. The store owner makes profits on some items but loses money on others. Specialization and free enterprise are demonstrated through different businesses in town. Taxes fund public services like schools. An entrepreneur hopes to succeed with a new product idea.
Stan teaches about basic economic concepts through a story of his day in town. He learns that economics involves the production, distribution, and consumption of goods and services. People engage in trade and the use of money. Stan observes supply and demand at the ice cream shop. He sees specialization in action at the toy store and learns about taxes, entrepreneurs, and competition through free enterprise.
The document provides an introduction to basic economic concepts such as goods, services, producers, consumers, supply and demand through examples of characters buying ice cream and toys. It describes how early societies used bartering instead of money and how different economic roles like consumers, producers and entrepreneurs interact in a free market system through competition and specialization. Taxes, profits, costs and scarcity are also explained in the context of the characters' experiences.
Stan teaches about economics by taking the reader on a tour of his town. He explains key economic concepts along the way, such as goods, services, money, bartering, supply and demand, producers, consumers, taxes, profits, losses, opportunity costs, and more. Stan emphasizes that economics plays an important role in everyday life. He concludes by reminding the reader to think about all the ways they use economics each day.
This story tells of a young woman who is feeling discouraged and wants to give up due to difficulties in her life. Her mother takes her to the kitchen and boils carrots, eggs, and coffee beans in three pots of water. After removing them, the mother asks the daughter to observe how each reacted differently to the boiling water. The carrots softened, the egg hardened inside but remained intact, and the coffee beans changed the water. The mother asks the daughter which one she is - implying whether she wilts under pressure, gets hardened by difficulties, or transforms the situation. The story encourages facing adversity by elevating oneself to make positive change.
A gift giving survival guide for the budget conscious consumer. Learn how to spend less on gifts but give more! By Jennifer Melnick Carota, the Gift Therapist.
The story is about a girl named Alondra who goes to the supermarket to buy candy for her birthday party. However, she does not know how to identify the prices of the candy. Her older brother Adonis works at the supermarket and helps her by explaining the prices of different candies. The moral of the story is that one should know the prices of items before shopping to avoid problems at checkout. The student activities involve dramatizing and creating a pretend supermarket in the classroom.
Intro to Consumer Behavior—An Alternative Narrative Ban Mittal
The First Chapter of a college textbook titled, Consumer Behavior: Human Pursuit of Happiness in the World of Goods. Describes if marketing creates needs in consumers. The values consumers seek in market exchanges. Exchange resources all consumers possess and use in exchange. Trends in the age of the empowered consumer. Covers topic like Collaborative consumption, authentic and unique consumption; the age of co-creation and personalization;
Jimmy Osmond talks about his early success with the hit song "Long Haired Lover from Liverpool" at age 9, but says his father helped keep him grounded by making him do chores like mowing the lawn and taking out the trash. Though he earned millions from the Osmonds, much of their fortune was later lost due to bad investments. Now at age 51, Osmond owns several properties and businesses, including his father's former real estate firm, and feels financially secure, but also discusses some hard times earlier in his career when he had little money.
UniquleU Events by Sheila began in 2003 hosting children's parties out of the founder's garage. Over the past decade, the business has grown to host over 100 events and provide custom gifts and boxes. The founder found her passion for creativity through experiences in school and sees giving back to the community as an important part of the business. Testimonials show how UniquleU's unique and personalized style have made events memorable for clients. The business continues to improve and the founder is excited to see where it will go in the future.
Inspired With These Amazing 8 Small Business Success StoriesPepper Gang
"Where did they get those great idea?!" might be your first question when seeing a successful creative business. For entrepreneurs, innovative ideas are everywhere in their daily life. Take a look at these amazing 8 stories to see how success begins. For more tips and tricks to entrepreneurs, visit our blog www.peppergang.com/blog
This document summarizes the author's experiences visiting various ethnic grocery stores and restaurants in Sioux Falls, South Dakota. At a Mexican grocery store, the author found it difficult to identify many products due to the lack of English labels and unfamiliar items. They also observed cultural differences like chili-flavored candy. At a restaurant, the author learned a server from Mexico moved for better pay and weather but found everything different than home. The author's daughters felt more comfortable exploring ethnic foods after visiting multiple stores.
Armathwaite school's take action project!katiecdec
Armathwaite school took part in a take action project at the Marmalade festival to promote Fairtrade and local sugar. They set up an interactive stall with games and activities to educate festival-goers and get them thinking about their sugar choices. The students engaged with over 100 people and hope they helped raise awareness of how choices can impact farmers locally and abroad. They worked as a team and felt it was a successful experience that boosted their confidence, but also learned engaging people requires different strategies.
- The document contains autobiographical information and reflections from a young girl named Abby, including details about her birth, an incident where she cut her own hair trying to mimic the hairstyle of the Disney princess Jasmine, and holding a lion cub on her 5th birthday at the zoo.
- It describes Abby's interests, such as sports, music, TV shows and movies she enjoys, her school and social life, hobbies like art and collecting items, and aspirations for the future.
- Abby shares things she is proud of like coming in second place in a race and making it onto an advanced swim team, and lists things she wishes she could do like ride rollercoasters and
Fun Ideas For Tooth Fairy Letters - WeHaveKidsBrooke Lord
The document provides instructions for an experiment to measure the reaction rates of sodium thiosulphate and hydrochloric acid at different concentrations. The experiment involves timing how long it takes for a printed cross to become invisible when placed under a beaker containing mixtures of the reactants and water at varying volumes. The experiment will be repeated 3 times for each concentration combination and averages will be calculated from the 40 total results.
A youth mentor took a disadvantaged teenage girl shopping for the first time. Seeing how much the experience meant to the girl, the mentor organized a "Girls Day Out" event where 8 volunteers each took a teenage girl in need shopping. The volunteers bonded with the girls over lunch and helped them find clothes, accessories, and build their confidence through individual attention and gifts. Both the volunteers and girls felt the day was impactful and meaningful.
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Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
The Role of White Label Bookkeeping Services in Supporting the Growth and Sca...YourLegal Accounting
Effective financial management is important for expansion and scalability in the ever-changing US business environment. White Label Bookkeeping services is an innovative solution that is becoming more and more popular among businesses. These services provide a special method for managing financial duties effectively, freeing up companies to concentrate on their main operations and growth plans. We’ll look at how White Label Bookkeeping can help US firms expand and develop in this blog.
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The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
Satta matka fixx jodi panna all market dpboss matka guessing fixx panna jodi kalyan and all market game liss cover now 420 matka office mumbai maharashtra india fixx jodi panna
Call me 9040963354
WhatsApp 9040963354
Stan teaches about economics by taking the reader on a tour of his town. He explains key economic concepts along the way, such as goods, services, money, bartering, supply and demand, producers, consumers, taxes, profits, losses, opportunity costs, and more. Stan emphasizes that economics plays an important role in everyday life. He concludes by reminding the reader to think about all the ways they use economics each day.
This story tells of a young woman who is feeling discouraged and wants to give up due to difficulties in her life. Her mother takes her to the kitchen and boils carrots, eggs, and coffee beans in three pots of water. After removing them, the mother asks the daughter to observe how each reacted differently to the boiling water. The carrots softened, the egg hardened inside but remained intact, and the coffee beans changed the water. The mother asks the daughter which one she is - implying whether she wilts under pressure, gets hardened by difficulties, or transforms the situation. The story encourages facing adversity by elevating oneself to make positive change.
A gift giving survival guide for the budget conscious consumer. Learn how to spend less on gifts but give more! By Jennifer Melnick Carota, the Gift Therapist.
The story is about a girl named Alondra who goes to the supermarket to buy candy for her birthday party. However, she does not know how to identify the prices of the candy. Her older brother Adonis works at the supermarket and helps her by explaining the prices of different candies. The moral of the story is that one should know the prices of items before shopping to avoid problems at checkout. The student activities involve dramatizing and creating a pretend supermarket in the classroom.
Intro to Consumer Behavior—An Alternative Narrative Ban Mittal
The First Chapter of a college textbook titled, Consumer Behavior: Human Pursuit of Happiness in the World of Goods. Describes if marketing creates needs in consumers. The values consumers seek in market exchanges. Exchange resources all consumers possess and use in exchange. Trends in the age of the empowered consumer. Covers topic like Collaborative consumption, authentic and unique consumption; the age of co-creation and personalization;
Jimmy Osmond talks about his early success with the hit song "Long Haired Lover from Liverpool" at age 9, but says his father helped keep him grounded by making him do chores like mowing the lawn and taking out the trash. Though he earned millions from the Osmonds, much of their fortune was later lost due to bad investments. Now at age 51, Osmond owns several properties and businesses, including his father's former real estate firm, and feels financially secure, but also discusses some hard times earlier in his career when he had little money.
UniquleU Events by Sheila began in 2003 hosting children's parties out of the founder's garage. Over the past decade, the business has grown to host over 100 events and provide custom gifts and boxes. The founder found her passion for creativity through experiences in school and sees giving back to the community as an important part of the business. Testimonials show how UniquleU's unique and personalized style have made events memorable for clients. The business continues to improve and the founder is excited to see where it will go in the future.
Inspired With These Amazing 8 Small Business Success StoriesPepper Gang
"Where did they get those great idea?!" might be your first question when seeing a successful creative business. For entrepreneurs, innovative ideas are everywhere in their daily life. Take a look at these amazing 8 stories to see how success begins. For more tips and tricks to entrepreneurs, visit our blog www.peppergang.com/blog
This document summarizes the author's experiences visiting various ethnic grocery stores and restaurants in Sioux Falls, South Dakota. At a Mexican grocery store, the author found it difficult to identify many products due to the lack of English labels and unfamiliar items. They also observed cultural differences like chili-flavored candy. At a restaurant, the author learned a server from Mexico moved for better pay and weather but found everything different than home. The author's daughters felt more comfortable exploring ethnic foods after visiting multiple stores.
Armathwaite school's take action project!katiecdec
Armathwaite school took part in a take action project at the Marmalade festival to promote Fairtrade and local sugar. They set up an interactive stall with games and activities to educate festival-goers and get them thinking about their sugar choices. The students engaged with over 100 people and hope they helped raise awareness of how choices can impact farmers locally and abroad. They worked as a team and felt it was a successful experience that boosted their confidence, but also learned engaging people requires different strategies.
- The document contains autobiographical information and reflections from a young girl named Abby, including details about her birth, an incident where she cut her own hair trying to mimic the hairstyle of the Disney princess Jasmine, and holding a lion cub on her 5th birthday at the zoo.
- It describes Abby's interests, such as sports, music, TV shows and movies she enjoys, her school and social life, hobbies like art and collecting items, and aspirations for the future.
- Abby shares things she is proud of like coming in second place in a race and making it onto an advanced swim team, and lists things she wishes she could do like ride rollercoasters and
Fun Ideas For Tooth Fairy Letters - WeHaveKidsBrooke Lord
The document provides instructions for an experiment to measure the reaction rates of sodium thiosulphate and hydrochloric acid at different concentrations. The experiment involves timing how long it takes for a printed cross to become invisible when placed under a beaker containing mixtures of the reactants and water at varying volumes. The experiment will be repeated 3 times for each concentration combination and averages will be calculated from the 40 total results.
A youth mentor took a disadvantaged teenage girl shopping for the first time. Seeing how much the experience meant to the girl, the mentor organized a "Girls Day Out" event where 8 volunteers each took a teenage girl in need shopping. The volunteers bonded with the girls over lunch and helped them find clothes, accessories, and build their confidence through individual attention and gifts. Both the volunteers and girls felt the day was impactful and meaningful.
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Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
The Role of White Label Bookkeeping Services in Supporting the Growth and Sca...YourLegal Accounting
Effective financial management is important for expansion and scalability in the ever-changing US business environment. White Label Bookkeeping services is an innovative solution that is becoming more and more popular among businesses. These services provide a special method for managing financial duties effectively, freeing up companies to concentrate on their main operations and growth plans. We’ll look at how White Label Bookkeeping can help US firms expand and develop in this blog.
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The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
Satta matka fixx jodi panna all market dpboss matka guessing fixx panna jodi kalyan and all market game liss cover now 420 matka office mumbai maharashtra india fixx jodi panna
Call me 9040963354
WhatsApp 9040963354
Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...Adani case
Time and again, the business group has taken up new business ventures, each of which has allowed it to expand its horizons further and reach new heights. Even amidst the Adani CBI Investigation, the firm has always focused on improving its cement business.
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𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
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Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
1. s Hi! My name is Stan
and today I am going
to teach you about
economics.
Economics is the
study of the making,
buying, and selling of
goods or services.
2. WHAT IS A NEED?
• We all need 4 basic things:
1. Food
2. Water
3. Clothing
4. Shelter
3. WHAT IS A WANT?
–Everything beyond our four
BASIC NEEDS are wants.
Can you name some of your wants?
4. What does barter mean?
s These days people usually
use money to get what they
want. Before there was
money, people had to barter
to get what they wanted. To
barter means “to trade”.
5. Want s Some people were
to good hunters, some
trade were craftsmen, and
with some were farmers.
me? One person might have
traded 1 sheep for milk
and eggs. Eventually
people wanted
something smaller to
carry around as money.
People started using
coins, as well as paper
money for trade.
6. s Yesterday, when I was
walking through town, I Bubba’s Ice Cream
decided to go to
“Bubba’s Ice Cream”.
My friend Diana works
there. Diana provides a
service to me because
she serves me ice
cream. A service is
any kind of work
performed for others.
The ice cream is a
good. A good is
something you can feel,
or any kind of
merchandise.
7. s Look 1)
at the
pictures on
the right. 2)
Which of
these pictures
3)
show goods
and which
4)
ones show
services?
8. s I asked Diana
for a double
I’m sorry
Stan! scoop of my
favorite kind of
ice cream: mint
chocolate chip.
“I am sorry
Stan, we are all
out of that
flavor”, she said.
Disappointed, I
settled for
vanilla.
9. What is supply and demand?
100
s The supply – (The
90 amount or quantity of a
80 good. ) of mint
70 chocolate chip ice
60
Gallons 50 cream at “Bubba’s” was
40 gone because it was in
30 high demand (wanted)
20 by many customers.
10
0 Look at the chart on the
vanilla choc. straw. mint left to see what flavors
choc. are in supply at
“Bubba’s Ice Cream”.
Flavors
10. s Diana asked me if I
would like my vanilla ice
cream in a cup or a
cone. I asked for a
cone. Diana said I was
lucky because there
was only one more cone
available. The little boy
behind me in line
wailed, “I wanted my ice
cream in a cone!” I told
Diana that he could
have the last cone, and
that I would have mine
in a dish with chocolate
syrup.
11. s There was a
scarcity of cones 1)
at Bubba’s.
Scarcity means
that there are
limited resources,
and therefore, 2)
people must
make choices.
Look at the
pictures on the
3)
right. Which
pictures show a
scarcity?
12. After I finished my ice cream, I said goodbye
to Diana and left. In the street I heard two
children singing a song to the tune of “You
Are My Sunshine”. It went like this:
s “We are consumers!
We are consumers!
We are so happy
when we can shop!
We are consuming
goods and services,
But our wants just
will not stop!”
13. I found myself singing along to the tune. When we
were finished singing I asked, “Where are you two
going?”
s The boy, whose name
was Andy, answered:
“We’ve saved up all Toy Store
our money and today
we are going to the
toy store! My sister
Sara wants to buy
either a rabbit or a
bike and I want to buy
either a basketball net
or a skateboard”.
14. What are producers and
consumers?
s The two children in this example are
consumers. A consumer is anyone
who buys a good or a service.
s The toy store owner in this example is a
producer. A producer is anyone who
makes or grows a good or performs a
service.
15. What is opportunity cost?
s Andy had $65.00 s Sara had enough
to spend at the money for either
toy store. The the rabbit or the
basketball net bike. She decided
cost $50.00, so to buy the bike
he had to buy that because then she
instead of the could ride bikes
skateboard, with her friends
which cost after school.
$75.00.
16. Opportunity s Opportunity cost is
Costs the process of
choosing one good
or service over
another. The item
that you don’t pick is
the opportunity
Purchases cost. The rabbit is
Sara’s opportunity
cost and the
skateboard is
Andy’s opportunity
cost.
17. What is a profit?
s What Andy didn’t realize when he
bought his basketball net was that
the toy store owner made a large
profit off of the sale. The toy store
owner spent $30.00 to make the
basketball net. Andy bought it for
$50.00. The toy store owner made
a profit of $20.00.
18. What is a loss?
s The toy store owner lost money
when Sara purchased the bike.
The owner made the bike for
$80.00, but sold it to Sara for
only $65.00. The toy store
owner lost $15.00.
19. After the children left the toy store I decided
to stay and have a look around. In the front of
the store there was a magnificent toy car.
s “Wow”, I exclaimed,
“what a neat car! Did
you make it yourself?”
The toy store owner
explained that it was
designed by a car
company, put together
by Mattel, a toy
company, and painted
by himself. “Painting is
my specialty”, he said.
20. What is specialization?
s The toy store owner counted on
others to do the necessary work to
construct the toys he sold, but then
he would paint the toys himself.
Specialization is when an
individual or a company
specializes in doing one part of a
task, and relies on others to
complete the other parts.
21. What is interdependence?
s Interdependence is when
people depend on one another.
Specialization results in
interdependence.
22. s I said goodbye to
Johnson Elementary School the toy store
owner and
continued on my
walk through
town. I passed
the elementary
school as I
rounded the
corner. Public
schools are
services provided
by the
government and
paid for by taxes.
23. What are taxes?
s Taxes are the money that the
government collects from individuals and
businesses to pay for public goods and
services.
s Andy and Sara both paid a 4.5% sales
tax when they bought their toys. Andy
paid an extra $2.25 in tax, for a total of
$52.25. Sara spent $2.93 in sales tax
for a total of $67.93.
s People also pay an income tax. An
income tax is a percentage of money
taken out of your income.
24. I passed the school and saw my friend
Cole walking down the street. “How are
you today?”, I asked Cole.
s “I am fantastic! I
just thought of a
new idea: a bowling
ball that expands as
you throw it so that it
is guaranteed to
knock down every
pin! I am going to
be famous!”
25. What is an entrepreneur?
s Cole is an entrepreneur. An
entrepreneur is a person who
comes up with a product or service,
or a better way to produce one. He
found the resources, the money,
and the time to produce a new
product.
26. s I wished Cole
good luck and
continued on
my way. On
the next two
blocks were two
popcorn stands.
They both
lowered their
prices!
27. What is free enterprise?
s Both popcorn stands
lowered their prices
because of free Popcorn
enterprise. Free $0.50---
enterprise means
competition.
Now
Companies compete $0.25!
with one another to get
the most customers,
and therefore, make the
most money. I decided Popcorn
to buy popcorn from the $0.50---
first popcorn stand, Now
because their price was $0.30!
the lowest.
28. Trade Barriers
• Physical Trade
Barriers
• are barriers to trade that are
geographical in nature.
They include such physical
features as Mountains,
Deserts, or if a country is
Land-locked.
29. Trade Barriers
• Political Trade Barriers
are barriers to trade that
government put in place
that block or inhibit
international trade
between countries.
30. The most common trade restrictions are:
•1) Tariffs- Which are taxes on imports.
• 2) Quotas- Which are limits on the
quantity that can be imported.
•3) Embargos- The refusal to allow any
type of trade with an entire country
•4) Sanctions- The limiting of trade
between countries or companies.
31. The most common trade restrictions are:
•Most barriers to trade are designed to prevent imports from
entering a country, and thus are used to protect domestic
producers from competition and domestic workers from
competition for their jobs.
•For this reason, a policy of high barriers to trade is referred to as
protectionism.
•However, economists point out that protectionism benefits
domestic firms by allowing them to charge higher prices to
consumers; in effect, protectionism is an implicit subsidy to the
protected firms, paid for by consumers.
•Although trade barriers may save the jobs of some domestic
workers, it destroys jobs in other, probably more efficient,
industries.
32. Economic
Systems
s There are four
different types of
Economic Systems
that governments
can choose to
answer the three
basic economic
questions.
33. A Country’s
Economic System must answer…
s 3 BASIC economic questions:
1. What/how much to produce,
2. How to produce,
3. For whom to produce
**How they answer these 3 questions will
determine how economically successful the
country is.
34. What is a Traditional Economy?
s When the people do the
same type of work that
their ancestors have
done and produce the
same goods this is
known as a Traditional
Economy.
s The land is past from
generation to
generation.
s They are generally
substance farmers that
produce just enough
food for their families to
eat.
35. Traditional Economy
• Tradition means you do the same thing over and over
again…
•People produce only what they need to survive and
very little, if anything extra.
•People inherit their jobs from their parents
–Example: if your father is a farmer, you will be a Farmer.
(there is little flexibility)
• This is the least developed (poorest) economic type
• There is never any change to modernize anything
36. What is a Command Economy?
s When the government
make all economic
decisions for a country
this is called a
Command Economy.
s The government owns
all of the manufacturing
factories, the farm land,
even the stores.
s This means there is no
competition. The
government decides
what to make, how
much to charge, and
even who can buy the
product.
37. Command (Socialist/Communist )
Economy
• Government owns what is being produced
• Business & property belongs to the government instead of private
ownership.
• The government decides what will be produced
• The goal is to have economic equality (so there is no rich or
no poor, everyone is the same)
• A shortage of good usually exists because the government
makes all choices
• Better jobs & products do not
receive more money= Unfair.
38. What is a Market Economy?
s When the producers and
consumers make all economic
decisions for a country, this is
called a Market Economy.
s Private individuals or
entrepreneurs own all of the
manufacturing factories, the
farm land, even the stores.
s This means there is constantly
competition to produce the
best product and sell it at the
best price.
s Supply and Demand control
the prices and production of
goods.
39. Market (Capitalist) Economy
s Private ownership of business & property
•Little government regulation (the government
doesn’t determine what to make)
• Freedom to make own choices
• Based on supply & demand
• Constantly changes to make better products
• More $ is offered for better products and workers
41. Goodbye
s This completes my
lesson on
economics! I hope
you enjoyed the
tour. Economics is
an important part of
our lives. Think of
all of the ways you
use economics
everyday!
42. References
s Text Information:
s Think Quest Junior: “Econopolis” [Online] Available
http://tqjunior.advanced.org/3901/ Copyright 1997. Advanced
Network and Services, Inc.
s Pocket Dictionary for Economics. Available through Virginia
Commonwealth Center for Economic Education (no
copyright).
s The Economic Songbook: Old Tunes with an Economic
Twist. “We Are Consumers!” Copyright 1997, Martha C.
Hopkins. James Madison University Center for Economic
Education.
s Graphics Information:
s Microsoft Clip Gallery 3.0 (no sitations)
s #1 Free Clip Art. [Online Graphics]. Available
www.1cli[part.com/ Copyright 1999 #1Free Clip Art