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Economics Chapter 1 Notes

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Economics Chapter 1 Notes What is Economics? A. The study of how a person, a society, a government 1. Makes choices regarding its resources. – PowerPoint PPT presentation

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Title: Economics Chapter 1 Notes


1
Economics Chapter 1 Notes
2
What is Economics?
  • A. The study of how a person, a society, a
    government
  • 1. Makes choices regarding its resources.
  • 2. Allocates its resources because resources
    are scarce.

3
What is scarcity?
  • A. Lack of resources
  • Not having enough of the resources
  • Having more than 1 valuable way to use the
    resources

4
B. What causes scarcity?
  • 1. Rapid increase of demand
  • 2. Poor distribution
  • 3. Personal perspective

5
III. Wants and Needs
  • A. Resources are needed to fill our needs and
    wants.
  • B. Needs- what you have to survive.

6
1. Basic needs
  • a. food
  • b. clothing
  • c. shelter
  • Do we really have needs? Does choice play a role
    in this?

7
  • C. Wants-
  • Everything that you desire.
  • D. Wants are unlimited

8
IV. Goods and Services
  • A. Two roles in economic society
  • 1. Producers
  • 2. Consumers

9
B. Consumers
  • 1. When you use products (goods) or services for
    yourself and not for resale.

10
C. Producers
  • 1. Someone who provides goods and/or services.

11
D. Goods and Services
  • 1. Goods products consumers buy to satisfy
    wants

12
  • 2. Services actions by producers to satisfy
    wants and needs
  • a. Teaching, painting, mechanic, plumber, etc.

13
V. What are three types of resources?
  • All resources are LIMITED!!!

14
Human Resources
  • 1. Labor - workers

15
B. Natural Resources
  • 1. Land lumber, oil, coal, 2. Products
    from the earth (renewable vs. nonrenewable)

16
C. Capital Resources
  • 1. Capital is money, machinery, or factories

17
VI. What question must every society answer?
  • A. What will we make?
  • 1. What products or services to be made
    depends on resources.

18
B. How will we produce or make the products?
  • 1. Use of technology, by hand?

19
C. Who will get the goods?
  • 1. Everyone or just a few?
  • 2. Distribution

20
D. Are we going to save any resources for the
future?
  • 1. reduce, reuse, recycle

21
VII. How we deal with scarcity?
  • A. Do without the item
  • B. Redistribute resources
  • C. Recycle
  • D. Create new resources
  • 1. Example Solar Power

22
VIII. Opportunity Costs/Real Costs
  • A. Real Costs
  • 1. Costs of the resources used to produce goods
    and services

23
B. Opportunity Costs
  • 1. Value of time, money, goods, and services
    given up in making choices.

24
C. Trade-off
  • 1. A choice between use of resources

25
D. Economic Model
  • 1. Used to understand economic problems and
    study trade offs

26
E. Production Possibility Model
  • 1. Only two goods produced
  • 2. Resources can be used to produce both
  • 3. Trade off
  • 4. Economics is the study of the trade offs.
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