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ECONOMICS

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ECONOMICS Chapter 1, Section 1-What is economics? I. What Is Economics? A. Definition-Economics is the study of how people and countries choose to use their scarce ... – PowerPoint PPT presentation

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Title: ECONOMICS


1
ECONOMICS
  • Chapter 1, Section 1-
  • What is economics?

2
I. What Is Economics?
  • A. Definition-Economics is the study of how
    people and countries choose to use their scarce
    resources to satisfy their unlimited wants and
    needs.

3
I. What Is Economics?
  • B. Micro-Economics-Is the study of how
    households, companies, and individual markets use
    their resources.
  • C. Macro-Economics-Is the study of the economy as
    a whole. Ex. Unemployment, inflation

4
II. What Are Economists Concerned With?
  • A. Who?
  • 1. Consumers-Those who purchase goods and
    services to satisfy their wants and needs.

5
II. What Are Economists Concerned With?
  • 2. Producers-Those who make the goods and
    services.

6
II. What Are Economists Concerned With?
  • B. How?
  • 1. Goods-An object that can be purchased.

7
II. What Are Economists Concerned With?
  • 2. Services-Actions or activities that are
    provided for a fee.

8
III. Economic Resources
  • A. Resource-Anything used to make or obtain a
    need or want.
  • B. Factors of Production-Resources which are used
    to produce goods and services.
  • 1. Natural
  • 2. Human
  • 3. Capital
  • 4. Entrepreneurship

9
III. Economic Resources
  • 1. Natural Resources-Goods provided by nature
    that can be used to produce goods and services.
    Ex. Oil, coal

10
III. Economic Resources
  • 2. Human Resources-Effort that humans exert in
    providing goods and services. Ex. Typing,
    computer technician

11
III. Economic Resources
  • 3. Capital Resources-Goods that have been
    manufactured and are used to produce other goods
    and the money to purchase them. Ex. Hammer, cash
    register

12
III. Economic Resources
  • 4. Entrepreneurship-The risk one takes in
    starting a new business or introducing a new good
    or service to the market. Ex. Film producer,
    travel agent
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