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Economics

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Economics .the basics Why does scarcity force economic decisions resulting in trade-off s & opportunity costs? – PowerPoint PPT presentation

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Title: Economics


1
Economics.the basics
  • Why does scarcity force economic decisions
    resulting in trade-offs opportunity costs?

2
Think about
  • What would you be doing if you were not in school
    today?
  • What resource(s) do you wish you had more of?
  • Resources like time money are limited. These
    limits force us to make decisions about how they
    are used!

3
Economics Defined
  • The study of how individuals, businesses
    governments seek to satisfy needs wants.
  • Economist study the decisions that economic
    actors make to allocate scarce resources.

4
Economic Actors
  • Consumers make economic decisions about needs
    wants.
  • What goods services to buy?
  • How to allocate limited resources?
  • Producers make decisions about what goods
    services to provide to consumers.
  • Goods Physical objects that can be purchased
    (Examples_________)
  • SERVICES- actions or activities that are
    performed for a fee (Examples__________)

5
Needs vs. Wants
  • Needs - Resources that are necessary for
    survival. Examples _________________
  • Wants - items we desire but are not essential
    for survival. Examples_______

6
Microeconomics
  • Studying the economic behavior decisions of
    small units families, high schools students,
    businesses.
  • Example - Chick-fil-a or McDonalds?
  • Micro decisions - How to allocate weekend
    spending money?

7
Macroeconomics
  • Behavior of entire economies (large units) like
    those of entire countries, state, or region.
  • Study the impact of illegal immigration on the
    U.S. economy.
  • Macro Decisions - made by government policy
    makers Ex- Provide tax rebates to citizens to
    jump start the economy.
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