What is Economics? Econ 8/15/17.

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Presentation transcript:

What is Economics? Econ 8/15/17

Warm Up Suppose I gave you $100,000 right now. What would you do with it? How much would you spend, and what would you buy? Would you save any? Would you invest any?

What is Economics? https://www.youtube.com/watch?v=2YULdjmg3o0

What is Economics? Scarcity and the Science of Economics I. The Fundamental Problem Scarcity: society cannot fulfill everyone’s wants Economics: how to satisfy unlimited and competing wants through use of scarce resources Needs vs. Wants Everything has a cost – a.k.a “there is no such thing as a free lunch”

II. Three Basic Questions 1. WHAT to produce 2. HOW to produce 3. FOR WHOM to produce

III. The Factors of Production A. Land 1. Fields, livestock, climate – natural resources 2. Limited supply—potential problems? B. Capital 1. Tools, equipment, machinery C. Labor 1. Workers D. Entrepreneurs 1. Creates new businesses, new products

Read pages 5 – 10, answer questions 3,4,5 on a separate sheet of paper due Thursday.