Social Science Economics Water Satisfaction Wants Unlimited in Number Good and Services ResourcesScarce Choice Is a And is the sum total of Which is the.

Slides:

Advertisements

Similar presentations

WHAT IS AN ECONOMY?.

Advertisements

Unit 4 4th Grade Social Studies Vocabulary

Chapter 1 Economic Decisions & Systems

2 Our Global Economy 2-1 Economics and Decision Making

Basic Concepts in Economics: Theory of Demand and Supply

Chapter 1 Economics: The Study Of Opportunity Cost

Chapter 2 Economic Resources and Systems

1 Demand for Goods & Services One Variable -- Change in Price Other variables constant Another variable changes (not price) Shift in Demand Price of other.

The American Economic System

Economics Benchmark Review Basic Concepts and Terms.

Economic Systems Section 2.2 Scarcity of economic resources forces every country to develop an economic system that determines how resources will be used.

Starter Define these terms in your own words: – Human capital – Investment – Capital investment – Capital goods – Consumer goods – Opportunity cost – Trade-off.

Introduction to Business Introduction to Business Economic Resources and Systems.

Economic Decisions and Systems

The Nature and Method of Economics 1 C H A P T E R.

Econ Vocab Review. Standard of Living Standard of Living Productive Capacity Productive Capacity Usage of resources Usage of resources Infrastructure.

Intro to Economics The Concepts. Economics The study of how we make decisions in a world where resources are limited (the science of decision making)

Introduction to Economics. What Is It? Economics – the study of how people try to satisfy what appear to be unlimited and competing wants through the.

Economics Thursday, February 5, Opening Question What is the difference between WANT and NEED?

LESSON 1.1 MARKET ECONOMIES

Cook Spring  What is Economics? ◦ The study of how we make decisions  What is the fundamental problem facing all societies? ◦ Scarcity – not having.

3.01 Explain the concept of economics

AAEC 2305 Fundamentals of Ag Economics Chapter 5 Theory of Markets.

Begin $100 $200 $300 $400 $500 Which way Does a Supply Curve Shift? Graphs Unemployment GDP Random Which way Does a demand Curve shift?

Basic Economics 13th Edition Frank V. Mastrianna © 2003 South-Western College Publishing Company.

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

Economics It may be the most boring topic you will ever discuss, but also the most important.

Chapter 1 Economics: The Study Of Opportunity Cost McGraw-Hill/Irwin Issues In Economics Today, 4e Guell Copyright © 2008 by The McGraw-Hill Companies,

Chapter 1 Economic Decisions And Systems. Satisfying Needs and Wants Needs - Essential – Things that are required in order to live Food Water Clean Air.

Nature and Scope of Economics Definition of Economics 1.Definition of the Classical School of Thought led by Adam Smith 2.Definition of the NEO Classical.

Economic Foundations 3.01 Explain the concept of economics Part 1.

1 Introduction to Business and Economics Copyright Goodheart-Willcox Co., Inc. May not be posted to a publicly accessible website. Section 1.1 Introduction.

Bell Ringer Activity Which economic system does the United States have? (Command, Market, or Mixed) Why do you think that?

What is Economics?. I. What is Economics? A. Definition: Economics is a social science that deals with how consumers, producers, and societies choose.

Economic Foundations 3.01 Explain the concept of economics.

There are some basic economic terms that we need to be aware of for our upcoming Econ test.

ECONOMIC SYSTEM COMPONENTS Private Ownership l Control of productive resources land labor capital that are used to produce goods and services.

Economics I can explain the different types of economies and give solid examples of each.

What is Economics? Chapter 1.

Unit 2 Mr. Eleuteri Introduction to Business.  Summarize the three types of economic resources, Examine resources and economic decisions.  Investigate.

Economics Handbook Vocabulary. Economic System The way in which a nation uses its resources to satisfy people’s needs and wants.

Economics Thursday, January 30, 2014 Opening Question What is the difference between WANT and NEED?

© SOUTH-WESTERN THOMSONINTERNATIONAL BUSINESS LESSON2-1 GOALS  Describe the basic economic problem.  List the steps of the decision-making process. ECONOMICS.

Basic Economics.

FrontPage: Imagine you are as rich as Bill Gates. Can/do you “have it all”? The Last Word: No homework.

The Industrial Revolution Economics.  Describes how people meet their needs.

Economics. Economic Basics Vocabulary: Economics: Study of how people meet their wants and needs Scarcity: Having a limited quantity of resources to meet.

Introduction to Business © Thomson South-Western ChapterChapter Economic Decisions and Systems Satisfying Needs and Wants Economic Choices.

THE ECONOMIC INSTITUTION. FACTORS OF PRODUCTION The Economic Institution of a country is its roles and norms that govern the production, distribution,

Economics -Economics -the system that society uses to produce and distribute goods and services -Why study economics??? -Why does the government pay so.

Economics -Economics -the system that society uses to produce and distribute goods and services -Why study economics??? -Why does the government pay so.

Essential Standard 5.00 Understand fundamental economic concepts to obtain a foundation for employment in business.

The Fundamentals of Economics

Principles of Economics

Principles of Economics

Principles of Economics

Principles of Economics

Principles of Economics

Principles of Economics

Principles of Economics

Principles of Economics

Principles of Economics

Principles of Economics

2 Our Global Economy 2-1 Economics and Decision Making

The Economic Problem Needs – the essentials of life, such

Welcome to Year 8 Economics and Business!

Production Managing resources Physical production Distribution.

Presentation transcript:

Social Science Economics Water Satisfaction Wants Unlimited in Number Good and Services ResourcesScarce Choice Is a And is the sum total of Which is the sum total of Which is obtained by satisfying Which is done by consuming Which we produce from This scarcity of resources requires For best buy and production Which is explained by Which are

(Want (demand Desire Money How much of a good a person would actually be willing to buy at a given price Kinds Complementary Competitive Derived Aggregate Individual Cross Elastic demand Necessities Comforts Luxuries

Resources SocietyIndividuals As Buyers As Producer Outside CountryInside Country Gold / Foreign Currency Money - Home Currency Money A- Labour Skilled Ls Unskilled Lus B- Capital K C- Raw Materials Rm D- Foreign Exchange Fe Production = Ls+Lus+K+Rm+Fe Production is a function of

Institution Which Allocate Resources Only Government as in Communist countries Social Preferences Both Government / Market Only Market as in Capital countries Social and Individual Preferences Individual Preferences Guided by

Division of the School of Economic Classical School Author Wealth of Nations 1776 Economy and Taxation 1817 Neo-Classical School General Theory of Employment Interest and Money 1936