Question #1 Why is the concept of ‘scarcity’ important in rich countries as well as poor ones?

Slides:

Advertisements

Similar presentations

Introduction to Microeconomics

Advertisements

Economics: The Core Issues

The Production Possibilities Curve

1 © 2010 South-Western, a part of Cengage Learning Chapter 2 Production Possibilities, Opportunity Cost, and Economic Growth Microeconomics for Today Irvin.

Session 1 Scarcity and Opportunity Costs Disclaimer: The views expressed are those of the presenters and do not necessarily reflect those of the Federal.

Chapter 2: Scarcity and the World of Trade-offs ECON 151 – PRINCIPLES OF MACROECONOMICS Materials include content from Pearson Addison-Wesley which has.

Unit 1 Scarcity, Opportunity Cost and PPF AP Macro ©Robin Foster Alvin High School.

Chapter One Vocabulary Terms and Concepts. What is Economics? the study of how people seek to satisfy their needs and wants by making choices.

Copyright ©2006 by Thomson South-Western. All rights reserved. Contemporary Economics: An Applications Approach By Robert J. Carbaugh Chapter 1: Scarcity.

Scarcity and the World of Trade-offs

Scarcity, Opportunity Costs, and Production Possibilities Curves: Reviewing Chapter 2 through the Homework.

Chapter One Vocabulary Terms and Concepts. Economics the study of the choices people make about how to best use scarce resources to satisfy their wants.

Introduction: Economic Issues Introduction: Economic Issues.

Complete #1 on page 7. Number your definitions (18)

Economic Decision Making. 1-What three steps must one take to be a good decision maker? 1-Identify the problem 2-Analyze the alternatives 3-Make your.

Managing Scarce Resources Objectives To be able to describe The Economic Problem To understand the factors of production as economic.

Unit 1: Basic Economic Concepts

Chapter 1 The Economic Way of Thinking

Unit 1: Basic Economic Concepts

Production Possibilities Curve A curve that shows the different combinations of two goods that the economy can produce, given its resources and the level.

Chapter 1: What is Economics? Section 3. Slide 2 Copyright © Pearson Education, Inc.Chapter 1, Section 3 Objectives 1.Interpret a production possibilities.

Lesson Objectives: By the end of this lesson you will be able to: *Interpret a production possibilities curve. *Explain how production possibilities curves.

Production Possibilities Curve. Imagine… that we decided to do a fundraiser. We found 10 metal sheets in the back of the school, and we decided to use.

Please take out 1 piece of graph paper Clear your desk except for something to write with & a straight edge.

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

C H A P T E R 2: The Economic Problem: Scarcity and Choice © 2004 Prentice Hall Business PublishingPrinciples of Economics, 7/eKarl Case, Ray Fair 1 of.

Introduction: Economic Issues. The Economic Problem Economic problems –production and consumption –Scarcity: the central economic problem Macroeconomic.

OPPORTUNITY COST What you write: We consider the costs and benefits of each of the alternatives What you need to know: How do we make decisions? Everything.

Chapter 1 Section 3 Trade Offs and Opportunity Costs.

Production Possibility Curve

20 minutes Using at least one production possibility curve diagram, explain the concepts of scarcity, choice, opportunity cost and resource allocation.

Unit 1 Scarcity, Opportunity Cost and PPF

Unit 1: Basic Economic Concepts

Unit 1: Basic Economic Concepts

Production Possibilities Curve

Chapter 1: What is Economics? Section 3

Chapter 1: What is Economics? Section 3

The Study of Economics & the PPF

Unit 1: Basic Economic Concepts

Warm Up (FINISH and TURN in your project)

Survey of Economics Irvin B. Tucker

Standard 1 Understand the fundamental concepts relevant to the development of a market economy SS.912.E.1.2 Analyze production possibilities curves.

Economic Choices And Decision Making

The Economic Problem.

Econ “Analyzing Production Possibilities”

Unit 1: Basic Economic Concepts

INTRODUCTION TO MICROECONOMICS

INTRODUCTION TO MICROECONOMICS

INTRODUCTION TO ECONOMICS

مبادئ الاقتصاد الكلي Macroeconomics.

ECONOMICS: September 6 Warm-up

Chapter 1 Economic problem

ECONOMIC DECISION MAKING

Unit 1: Basic Economic Concepts

AS OCR Economics – The Economic Problem

Chapter 1: What is Economics? Section 3

The Economic Problem: Scarcity and Choice

Warm Up Explain what a production-possibilities curve shows.

PRODUCTION POSSIBILITY CURVE (PPC) OR

Survey of Economics Irvin B. Tucker

ECONOMICS: January 17 Warm-up

The Economic Problem: Scarcity and Choice

Please take out 1 piece of graph paper

Basic Concepts Vocabulary

Chapter 1: What is Economics? Section 3

Chapter 1: What is Economics? Section 3

Chapter 1: What is Economics? Section 3

Bell Ringer Define and give an example of a natural resource, human resource, and capital resources. Pages 4-5.

ECONOMICS: August 26 Warm-up Name the four resources necessary to make products in an economy Learning Target In order to understand the interaction.

Presentation transcript:

Question #1 Why is the concept of ‘scarcity’ important in rich countries as well as poor ones?

Question #2 ‘Economics is primarily concerned with the allocation of scarce resources which have alternative uses’. Use a production possibility curve to help you explain this statement.

Question #3 Use production possibility curve diagrams to explain the differences between actual output and potential output and between economic growth and economic development.

Question #4 Explain what is meant by a production possibility curve and use a production possibility curve diagram to explain the concepts of scarcity, efficiency, choice and opportunity cost.

Question #5 Explain how the three basic economic questions would be answered in a free market economy and in acentrally-planned economy.

Question #6 With reference to the concept of economic growth, explain the difference between a movement along an existing production possibility curve (PPC) and an outward shift in a production possibility curve (PPC).