Economic Essentials #1 What is economics?.

Slides:

Advertisements

Similar presentations

Objective: –Explain what economics is and how we make economic choices. Bell Question: –What is a need? What is a want? What is the big difference between.

Advertisements

Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

Economic Decisions. Today’s Objectives  Identify the difference between wants and needs  Explain the difference between goods and services  Describe.

Relative Scarcity in Society Business Economics Fall Semester 2011 Standard A1.

Economic Essentials #1 What is economics?. Economics The study of the choices people make to satisfy wants and needs.

Unit 1, Lesson 2 What Do Economists Study? AOF Business Economics Copyright © 2008–2012 National Academy Foundation. All rights reserved.

Introduction to Economics Essential Skill: Demonstrate an understanding of Economic Concepts by giving examples Discussion Question (Write-Pair-Share):

Chapter 1 Economic Decisions and Systems 1.1 Satisfying Needs and Wants 1.2 Economic Choices 1.3 Economic Systems 1.4 Supply and Demand.

Ms. Eleveld. Today’s Schedule  Classroom Rules Brainstorm  Course Handout  Ice Breaker  Economics in the News (if there is time!)

Introductory Economics. Definition of Economics Unlimited wants and needs combined with limited resources results in scarcity. Therefore, Economics studies.

CE.11A Economic Vocabulary. Basic Idea important to Economics Goods: Tangible: Things that can be seen and touched Books, pens, salt, shoes, hats, video.

Basic Economic Concepts

Chapter 1: Economic Decisions & Systems

Economics & Scarcity Economics is the study of how individuals and societies satisfy their unlimited wants with limited resources. Scarcity is the situation.

What are the 3 factors of production? What are trade offs?

What are we referring to when we say…

The price is right: price, equilibrium, elasticity, and incentives

Essential Question How does literacy rates and the standard of living affect the economy?

Introduction to Marketing

Economics Introduction

Basic Economic Questions

Scarcity Choices Tradeoffs and Opportunity Cost

Read to Learn Describe the three basic economic questions each country must answer to make decisions about using their resources. Contrast the way a.

Scarcity and the Factors of Production

Opportunity Cost In this lesson, students will be able to define the following key words and concepts: Trade-offs Opportunity Cost Guns or Butter Thinking.

Opportunity Cost In this lesson, students will be able to define the following key words and concepts: Trade-offs Opportunity Cost Guns or Butter Thinking.

Chapter 1 What Is Economics?

Economic Systems Economics (Economy)- is the study of how things are made and brought to them; (i.e. buying, making and selling of goods and services)

What is Economics? How do economists study the ways people make decisions on how to use their time, money, and resources?

What is Economics? How do economists study the ways people make decisions on how to use their time, money, and resources?

INTRODUCTION TO ECONOMICS

Chapter 18 Section 1.

Marketing - Product Business Management.

What is Economics?.

AIM: Why is scarcity the basic economic problem?

Economics Vocabulary.

What is Economics? How do economists study the ways people make decisions on how to use their time, money, and resources?

Notes Economics - The branch of knowledge concerned with the making, buying, and exchanges of money, goods, etc.

Economic Decisions and Systems

What is Economics?.

Economic Choices and Decision Making

Topic 1: Fundamentals of Economics

Click here to advance to the next slide.

IGCSE®/O Level Economics

Economics & Economic Decision Making

What is Economics? How do economists study the ways people make decisions on how to use their time, money, and resources?

Fundamentals of Economics

INTRODUCTION TO ECONOMICS

Economic Essentials #1 What is economics?.

Scarcity—The Basic Economic Problem

What is Economics? How do economists study the ways people make decisions on how to use their time, money, and resources?

Chapter 1: What is Economics? Section 1

Chapter 1 Section 1.

Opportunity Cost In this lesson, students will be able to define the following key words and concepts: Trade-offs Opportunity Cost Guns or Butter Thinking.

Opportunity Cost In this lesson, students will be able to define the following key words and concepts: Trade-offs Opportunity Cost Guns or Butter Thinking.

Can you remember a time when you saved money to buy something expensive? Was the item a necessity or something that you simply wanted to own?

Why does a country have to develop an economic system?

Economics Economics is the social science that analyzes: Production

Warm Up – April 25 Why is it important to have insurance?

Warm Up – November 26 Answer the following questions on a post-it:

Opportunity Cost and Marginal Analysis

Intro to Macroeconomics

MAKE DECISIONS Explain how an economy meets its needs and wants

Unit 1: Fundamental Economic Concepts

Economics Vocab 1.

Warm Up – April 26 Answer the following questions on a post it:

Introduction to Economics

Economic Essentials #1 What is economics?.

Presentation transcript:

Economic Essentials #1 What is economics?

Journal Describe the current state of the economy. Would you say it is strong or weak? What factors make an economy weak or strong?

Economics The study of the choices people make to satisfy wants and needs

What’s the difference? List 5 things you need to survive. NEEDS:

Who decides what to make? Producers: Makers of products How do they decide what to produce? Incentives: something that motivates What is the producers main incentive?

Consumers: Those who decide to buy things How do they decide what to buy? What is the main incentive for consumers?

Which one do you buy? 75 cents $1.25 WHY???

Types of Products Good shirt, car, candy bar physical, tangible product shirt, car, candy bar

Which one do you spend more money on? Service actions or activities lawyer, movie, hair cut Which one do you spend more money on?

How might this affect our economy? National Economies The U.S. is “consumer” society. China is a “producer” society. How might this affect our economy?