Topic 1Topic 2Topic 3Topic 4Topic 5 10 20 30 40 50.

Slides:

Advertisements

Similar presentations

Instructions To use this template: –for each slide write the correct answer on the orange bar first –choose which option (A,B,C or D) and make sure you.

Advertisements

Class One Economics July.

Productive Resources Natural resources, human resources, capital resources and entrepreneurship used to make goods and services. Natural Resources or.

What is Economics? Economics can be defined as the Social Science concerned with the Problem of administering or using Scarce Resources so as to attain.

by Missy Chrissy Ben and Harrison

Introduction to Economics Chapter 17

INTRODUCTION TO ECONOMICS

SCARCITY  Economics is the study of how people make choices to satisfy their wants  For example:  You must choose how to spend your time  Businesses.

What is the empty wallet syndrome? Why does scarcity affect us at all times?

Nature and Methods of Economics: The Study of Economics Fall 2013.

What is Economics? Think choices not money!. What is Economics? Economics – how people use their scarce resources to satisfy their unlimited wants.

What is Entrepreneurship? Glencoe Entrepreneurship: Building a Business 1 1 Entrepreneurship and the Economy The Entrepreneurial Process 1.1 Section 1.2.

What is Economics.  Main Idea: Scarce resources affect everyone and economists simplify the world to help us understand it.

O How does scarcity influence the decisions people make? o What is the difference between a need and a want? o How does Opportunity Cost and the Law of.

Key Concepts Unit Start of UNIT Scarcity 196. Choice 197. Cost and benefits.

Why are all goods and services scarce?

Microeconomics Unit 1. Economics is … Social science Efficient use of limited or scarce resources Maximum satisfaction of human economic wants Study of.

To economists, everything other than basic survival needs is considered a want. 123.

Political and Economic Analysis. What is an Economy? -- Ch 3 Sec. 1 What is meant by the term economy The factors of production The concept of scarcity.

Economics Key Terms Economics need want law of scarcity producer consumer factors of production supply demand law of supply law of demand price equilibrium.

Thinking Like an Economist Bundle 1 Key Terms. Capitalism Private citizens own and use factors of production to make money.

The Factors of Production Game

Introduction to Economics Chapter 1 Section 1: The Basic Problem in Economics.

Chapter 1. Learning Objective I can define economics and understand what causes the study of economics to exist.

Vocabulary Economic Basics Economic Systems Money and Banks

Economics. What is Economics? Economics: the branch of social science that deals with the production and distribution and consumption of goods and services.

Midterm Vocabulary Studyguide. Economics Midterm Vocabulary 1) scarcity 2) land 3) capital 4) labor 5) entrepreneurs 6) consumer 7) goods 8) services.

Scarcity and the factors of production Economics starts with idea that People cannot have everything they need or want.

Economic Systems. Section 1 Vocab Economy Economic System Traditional Economy Command Economy Market Economy.

Economics Unit I: Intro To Economics Part 1 – Basic Economic Concepts.

Introduction to Economics Part 1. What is Economics? What is Economics? – Quiz Choose the correct answer 1. Economics is the political science that deals.

Chapter 1. Learning Objective I can define economics and understand what causes the study of economics to exist.

Economics. What is Economics? Economics: the branch of social science that deals with the production and distribution and consumption of goods and services.

Chapter 2 Economic Resources and Systems Section 2.1 Economic Resources.

Relative income: why? $5 million $30,000 What determines a person’s income? SUPPLY of and DEMAND for their HUMAN CAPITAL.

ECONOMIC SYSTEMS. WATCH YOUTUBE: “Economic Systems and Macroeconomics: Crash Course Economics #3”

Marketing Principles CHAPTER 3 SECTION 1.  Economy – the organized way a nation provides for the needs and wants of its people  Economic resources –

Willy Wonka and the Chocolate Factory

Introduction to Economics

Political and Economic Analysis

Factors of Production -Capital or Capital Goods---the money or tools needed to produce goods/services -Land / Resources– the natural resources needed.

Bell-Work Think of your favorite product and identify the resources that are used to produce it. Example: Pre-washed salad. Vegetables are natural resources.

EOC Review Part 1.

How are resources, goods, and services allocated?

Market Economy Social 9 - Chapter 6.

Chapter 13 What is an Economy?

Objectives Define the role of small business and entrepreneurship in the economy. Compare and contrast economic systems. Explain how economics is about.

Vocabulary Review Week 1

What is economics? Vocabulary

What is Economics Chapter 1.

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)

How are resources, goods, and services allocated?

Sections 1 & 2 The Basic Problem in Economics & Trade-Offs

What is Economics? And why do I care?.

Fundamentals Review.

Questions to Consider Economics Overview

Click here to advance to the next slide.

Economic Systems = Copy this down!

What is Economics?.

Why are all goods and services scarce?

Economic Systems and the American Economy

The Basic Problem in Economics

Click here to advance to the next slide.

Economics Unit I: Intro To Economics

Chapter 2 Economic Resources and Systems

Economics 101: Making Choices

The Basic Problem in Economics

The Factors Of Production. The Factors Of Production.

Presentation transcript:

Topic 1Topic 2Topic 3Topic 4Topic

Question The picture is which factor of production?

Answer 1 – 10 What is capital?

Question The picture is which Factor of Production?

Answer 1 – 20 What is land? (natural resources)

Question The picture is which factor of production?

Answer 1 – 30 What is labor (human resources)?

Question The picture is which Factor of Production?

Answer 1 – 40 What is Entrepreneurship

Question The picture is which Factor of Production?

Answer 1 – 50 What is capital

Question Land, labor, capital and entrepreneurship are.....

Answer 2 – 10 What is – FACTORS OF PRODUCTION

Question The term for the value of the next best alternative that has to be given up for the action that is chosen

Answer 2 – 20 What is – OPPORTUNITY COST

Question The basic problem of economics...

Answer 2 – 30 SCARCITY LIMITED RESOURCES/UNLIMITED WANTS

Question Which economic system is the easiest to start your own business?

Answer 2 – 40 WHAT IS – MARKET SYSTEM

Question The French term for pure capitalism

Answer 2 – 50 What is laizze faire?

Question If I produce 30 widgets or 50 widgets on my job, I will be paid the same. The market system...

Answer 3 – 10 What is the Command System?

Question I will work the sheep herd that my parents have been working. I will learn the skills needed from my parents. The economic system is...

Answer 3 – 20 What is the – TRADITIONAL ECONOMIC SYSTEM

Question Workers and businesses face uncertainty as a result of competition and change but production is a large variety of goods and services because there will be no (or very little) government interference. The economic system is...

Answer 3 – 30 What is the MARKET SYSTEM?

Question Another term for a capitalism system...

Answer 3 – 40 What is the – MARKET SYSTEM?

Question Good/Service/Both?

Answer 3 – 50 What is – BOTH?

Question Good/Service/Both?

Answer 4 – 10 What is – Goods?

Question Good/Service/Both?

Answer 4 – 20 What is – SERVICE?

Question This occurs when demand exceeds supply. It happens more short term and is only temporary.

Answer 4 – 30 What is – SHORTAGE?

Question This deals with behavior and decision making by small units such as individuals and firms.

Answer 4 – 40 What is – MICROECONOMICS?

Question

Answer 4 – 50

Question

Answer 5 – 10

Question

Answer 5 – 20

Question

Answer 5 – 30

Question

Answer 5 – 40

Question

Answer 5 – 50