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Economics Unit I: Intro To Economics

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Economics Unit I: Intro To Economics Part 1 Basic Economic Concepts What is Economics? The Study of how we make decisions in a world in which resources are ... – PowerPoint PPT presentation

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Title: Economics Unit I: Intro To Economics


1
Economics Unit I Intro To Economics
  • Part 1 Basic Economic Concepts

2
What is Economics?
  • The Study of how we make decisions in a world in
    which resources are limited

3
What is the difference between Microeconomics and
Macroeconomics?
4
Microeconomics
  • looks at the small picture, looks at the decision
    making of individuals and small businesses

5
Macroeconomics
  • looks at decision making by societies, industries
    and governments

6
What is an economic system?
  • A way a group of people produce the things they
    want and need

7
What is a need?
  • Something someone has to have to live

8
What is a want?
  • Something someone would like to have a luxury

9
What does scarcity refer to?
  • Not having enough resources to produce all the
    things we would like to have

10
What is the difference between scarcity and
shortage?
  • Scarcity means limited shortage means in short
    supply

11
Why is economics called the Science of Decision
making?
  • Because all resources are limited we have to make
    decisions about how to use them

12
What is a trade off?
  • Exchanging one thing for another giving up
    something to get something

13
What is an opportunity cost?
  • Opportunity Lost the value of the next best
    alternative use of money or time when a decision
    is made

14
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15
What is meant by the factors of production?
  • The resources necessary to produce goods and
    services

16
The Four Factors of Production
  • Land
  • Labor
  • Capital
  • Entrepreneur

17
Land
  • natural resources unaltered by man

18
Labor
  • human resources mental and physical work

19
Capital
  • manufactured tools used to make other goods

20
The Entrepreneur
  • the organizer, risk taker person who starts own
    business, invents

21
Four Basic Economic Questions
  • What to produce?
  • How to produce?
  • For whom to produce?

22
What influences how we use our resources?
23
Marginal Benefits
  • How much additional satisfaction we get when one
    more unit is produced

24
Marginal Cost
  • The additional cost of producing one more unit

25
Cost-Benefit Analysis
  • Comparing the marginal benefits to the marginal
    costs of a decision
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