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What is Economics?

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Chapter 1 Learning Objective I can define economics and understand what causes the study of economics to exist The Basic Problem in Economics Define Economics ... – PowerPoint PPT presentation

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Title: What is Economics?


1
What is Economics?
  • Chapter 1

2
Learning Objective
  • I can define economics and understand what causes
    the study of economics to exist

3
The Basic Problem in Economics
  • Define Economics
  • Microeconomics
  • Macroeconomics.
  • Scarcity 2 major scarce items
  • Difference between Scarcity and Shortages

4
Learning Objective
  • I know and can describe each of the Factors of
    Production

5
The Factors of Production
  • Land Gifts of Nature
  • Labor Goods? Services?
  • Capital machines, buildings, tools used to make
    goods.
  • Increases Productivity money counter
  • Entrepreneurship individuals start new
    businesses, intro new products and processes, and
    improve management techniques.
  • Technology use of land, labor, and capital that
    produces goods and services more efficiently.
  • Assembly Line

6
Learning Objective
  • I understand the importance of trade-offs and can
    identify opportunity cost in a decision
  • I can interpret a production possibilities curve

7
Trade-Offs
  • Define Trade-Offs
  • Sacrificing one good or service to purchase or
    produce another
  • Opportunity Cost
  • Value of the next best alternative that was given
    up in the decision

8
Production Possibilities Curve
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