What is Economics? Standard: ss7e5.

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Presentation transcript:

What is Economics? Standard: ss7e5

Which would you like? OR $500 iPhone 5 $500 of Groceries

Which would you like? OR $20 “One Directions” CD One $20 Tank of Gas

Which would you like? OR $40,000 Chevy Tahoe $40,000 Toward College Education

What is economics? Economics is all about making choices with your limited resources! “Scarcity” is the concept of not being able to have everything you want because you lack the resources (Money, Time, Products, etc).

Types of economies Traditional Economy: relies on agriculture (farming), fishing, and hunting. Do not exist on the national level today. Pure Market Economy: involves buyers and sellers interacting to determine what is produced and to negotiate prices; there is no government intervention. Form(s) of Government: Direct Democracy

Types of economies Command Economy: supply (what is produced) and price are determined strictly by the government. Saudi Arabia, China, Vietnam, North Korea Form(s) of Government: Autocracy, Unitary, Parliamentary, Oligarchy, monarchy Mixed Economy: combination of the government and market forces determine supply and price. United States, United Kingdom, Canada, Germany, Australia, Japan Form(s) of Government: Presidential, Parliamentary, Unitary, Federal

3 economic questions Question #1: What to produce? Which goods and/or services are we going to make and offer for sale in our country? How does the Middle East answer this question? Producing oil.

3 economic questions Question #2: How to produce? How are we going to make the things we want to sell? How does the Middle East answer this question? Use of capital (oil rigs) and human capital (people) to work the oil rigs.

3 economic questions Question #3: For whom to produce? Who are we going to make things for? Who is going to buy our stuff?? How does the Middle East answer this question? Sell to those who use oil.

Saudi arabia Form of Government: Monarchy Type of Economy: Command Economy How does this relationship work? The King has complete control, including control over the economy. The government answers the 3 Economic Questions.

Israel Form of Government: Parliamentary Type of Economy: Market How does this relationship work? There is very little government involvement in the economy. Market forces are left to answer the 3 Economic Questions.

Turkey Form of Government: Republic Type of Economy: Mixed How does this relationship work? The government sets certain rules and regulations that the market must follow. The government and the market work together to answer the 3 Economic Questions.