J.R.R. Tolkein Lord of the Rings “All we have to do is decide what to do with the time we are given.” Gandalf Pretty good definition of economics too!

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Presentation transcript:

J.R.R. Tolkein Lord of the Rings “All we have to do is decide what to do with the time we are given.” Gandalf Pretty good definition of economics too!

An Economic System… Organizes its resources to distribute goods and services to its citizens What are the economic resources?

Factors of Production C E L L apital ntrepreneurship and abor

Entrepreneurship Creative, risk-taking use of the factors of productions in order to… MAKE A PROFIT Dave Thomas Henry Ford G.W. Carver Sam Walton Mattress Mac

Other Entrepreneurs Bette Nesmith Graham Famous son Mistake out Michael Nesmith / Monkees

Factors of Production category = land, labor, capital good,entrepreneur, consumer good Resource Pine tree Teacher Telephone Chain saw Lawn mower Receptionist Natural gas Drayton McClane Crude oil farmer Category Land Labor Capital & Consumer Labor Land Labor and Entrepreneur Land Labor and Entrepreneur

Identify the trade-off and opportunity cost in the following. A nation can make either pizzas or robots. They pick pizzas. Trade-off? Robots Opportunity Cost? The value of the robots Going to school versus a full-time job. Trade- off? Job. Opportunity cost? The salary you aren’t going to receive

Car companies retool to make more hybrids than SUVs. Trade-off? The SUVs. Opportunity Cost? Loss of sales from the SUVs Going to the movies or going to see grandma. You pick the movies. Trade-off? Granny. Opportunity Cost? The value of the time spent with grandma.

To cheat on a test or to be honest. Pick— cheat. Trade-off? Honesty,integrity, reputation Opportunity cost? The value you attach to those things