EE Review! 1.If I’m sitting in a BAD movie, I should get up and leave. The time I’ve spent on this movie, is a cost. I can never get it back. 2.Define.

Slides:

Advertisements

Similar presentations

2 CHAPTER The Economic Problem.

Advertisements

The.

Is/ Are Was/ Were Has/ Have Doesnt/ Dont Plural Or Not

MARKETING Is Marketing Really That Important? Manufacturers Create Products.

Question: What is worse for consumers than a Monopolist? Two monopolists. Vertical Markets: An analysis.

10minutes Follow directions and write down everything below: Allure: (uh LUHR) v./n. to entice with something desirable; tempt; power of attraction Link:

© 2010 Pearson Addison-Wesley. Why does food cost much more today than it did a few years ago? One reason is that we now use part of our corn crop to.

Economics All people and societies have unlimited wants. They desire goods and services: Goods: tangible items (food, clothing, electronics) Services:

Vocabulary: Around the Pond: Who’s Been Here?. Vocabulary containers containers dangles dangles bark bark caught caught floats floats shallow shallow.

Direct and Indirect Speech

CHAPTER 2 Economic Models: Trade-offs and Trade. 2 What you will learn in this chapter: Why models?  Simplified representations of reality play a crucial.

Cause and Effect.

1 of 31 chapter: 2 >> Krugman/Wells ©2009  Worth Publishers Economic Models: Trade-offs and Trade.

© 2010 Pearson Education Canada. Why does food cost much more today than it did a few years ago? One reason is that we now use part of our corn crop.

Pure Centrally Planned Economy AKA Communism Objectives: Describe how the three basic economic questions are answered by the different economic systems,

2 THE ECONOMIC PROBLEM Notes and teaching tips: 5, 6, 21, 37, 41, and 58. To view a full-screen figure during a class, click the red “expand” button. To.

CHAPTER 2 Economic Systems and Economic Tools

Chapter 2 Economic Tools and Economics Systems © 2009 South-Western/Cengage Learning.

International Trade When individuals or countries specialize in the activity they do best, the overall economic pie increases.

Topic: If you believe this is true, then copy this statement as your main idea. If you do not believe this is true, then rewrite it in a way that makes.

Embed  fix (an object) firmly and deeply in a surrounding mass:  he had an operation to remove a nail embedded in his chest  Fossils were embedded in.

Chapter 2 Economic Tools and Economic Systems These slides supplement the textbook, but should not replace reading the textbook.

Industrial Organization AG BM 102. Introduction Willard’s Mistake Competitive Environment Relevant Market Market power Market structure – Market Conduct-Market.

CHAPTER 2 Economic Models: Trade-offs and Trade © 2005 Worth Publishers, all rights reserved.

Cause and Effect. Effect is what happened. Cause is what made it happen.

© SOUTH-WESTERN  12.1 Students understand common terms & concepts and economics reasoning. Standard Address Objectives  Identify the three questions.

Changes In Income A rise in income - with no change in price - leads to a new quantity demanded for each good Normal good quantity demanded increases Inferior.

 Because we have an enormous number of wants, both individuals and governments face the fundamental economic problem of scarcity.

Objectives: By the end of the lesson the students will be able to: Know how to talk and express their feeling sin Arabic. فرحان – فرحانة زعلان - زعلانة.

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: LESSON 2.11 CHAPTER 2 Economic Systems and Economic Tools Economic Questions and Economic Systems Production.

1 The Economic Problem: Scarcity and Choice Chapter 2.

How many basic types of economic systems are there? Name the economic systems. Which economic system do most textbooks say is the most common throughout.

Imagine a world where…. McDonalds, Burger King, and Wendy’s joined together to create one fast food company known as McWendy King. How might this “joining.

Write This Down Production Possibilities Frontier.

MICROECONOMICS Ch2 The Economic Problem Cheryl Fu.

2 The Economic Problem After studying this chapter, you will be able to:  Define the production possibilities frontier and use it to calculate opportunity.

Unit 1 – Economic Problem. Categories Terms / ConceptsPPF Model Positive / Normative Types of Markets Calculations

Mixed Economies.

Production Possibilities Absolute and Comparative Advantage.

Chapter 3 The Economic Problem. Production Possibilities Curve (Frontier): Maximum amounts of 2 goods that can be produced at full employment of all resources.

Elapsed Time Using An Open Timeline. What time will it be in 3 hours? 5:158:15.

CHAPTER 2 Economic Models: Trade-offs and Trade. 2 What you will learn in this chapter: Three simple but important models:  Production possibility frontier.

Economics 1.What are your feelings about a minimum wage? What is a price ceiling? 2.When you are buying fruit and vegetables at the grocery store, what.

1 Web search What is a consumer? With what do we associate this term? 2 Thinking What type of products do you “consume” regularly? 3 Web Search.

You want to start a business.

© 2012 Cengage Learning. All Rights Reserved

Specialization and Trade (1.3)

Economics September Summary 2017 Economics 101 CCC.

Midterm Review 6th Grade Advanced/Pre-IB Math

Principles of Economics

Principles of Economics

Principles of Economics

Principles of Economics

Principles of Economics

Principles of Economics

Production Possibilities Frontier

Ch 2 Economic systems and tools

H-tel - Marketing The business needs to identify new markets to ensure that the business can fill its new rooms. A marketing strategy must be created to.

Comparative Advantage and Gains from Trade

Homework Read Chapter 14 Homework 6

In order to make a rational economic decision, one must

!'!!. = pt >pt > \ ___,..___,..

EE # 16: Communism What are the problems w/capitalism?

ECONOMICS : CHAPTER 2– ECONOMIC SYSTEMS AND TOOLS

The Economic Problem: Scarcity and Choice

Production Managing resources Physical production Distribution.

PowerPoint Exhibit Slides to Accompany Principles of Economics

Economics Review.

Presentation transcript:

EE Review! 1.If I’m sitting in a BAD movie, I should get up and leave. The time I’ve spent on this movie, is a cost. I can never get it back. 2.Define a pure market system. 3.Give one advantage of a pure market system. 4.Define a pure centrally planned market.

1.Give one advantage of a pure centrally planned market. 2.Why are monopolies bad for consumers? 3.Give an example of a natural monopoly. 4.Describe the difference between a mixed market and a pure market. 5.If Susie can do her math homework in 20 minutes and Johnny does his homework in 30 minutes, who has the absolute advantage in doing the math homework.

1.Approx how many fish are being caught at Pt B? 2.How many fish are being caught at Pt C? 3.Describe a reason why this Production Possibilities Frontier might shift to the right (or outward).