Unit 1 & 2: Foundations in Economics/ Macroeconomics

$100 $100 $200 $200 $300 $300 $400 $400 $500 $500 $100 $100 $200 $200 $300 $300 $400 $400 $500 $500 $100 $100 $200 $200 $300 $300 $400 $400 $500 $500 $100 $100 $200 $200 $300 $300 $400 $400 $500 $500 $100 $100 $200 $200 $300 $300 $400 $400 $500 $500 Getting Started Economic Systems Supply and Demand Its Human Nature Surplus final

$100 Getting Started The resources used to make goods and services are called this

$100 Getting Started What are factors of production What are factors of production Land Land Labor Labor Capital Capital

$200 Getting Started Oil, engineers, and drills Oil, engineers, and drills Income, workers, & money Income, workers, & moneyOr Farmers, importers and exporters Farmers, importers and exporters Which of the above sets include the 3 factors of production?

$200 Getting Started What is oil (land) What is oil (land) Engineers (labor) Engineers (labor) and Drills (capital) and Drills (capital)

$300 Getting Started Resources in any society are scarce so a society must make this decision first… Resources in any society are scarce so a society must make this decision first…

$300 Getting Started What is make choices how to use their resources What is make choices how to use their resources

$400 Getting Started 1. The amount of money they have 2. The quality and quantity of land, labor, and capital resources or 3. Exchange rates of currency Which of the above limits an economy’s potential output?

$400 Getting Started What is the quality and quantity of land, labor, and capital resources What is the quality and quantity of land, labor, and capital resources

$500 Getting Started The price of burgers doubled and the price of tacos stayed the same, how would people respond? The price of burgers doubled and the price of tacos stayed the same, how would people respond?

$500 Getting Started What is buy more tacos and less burger? What is buy more tacos and less burger?

$100 Economic Systems An advantage of this type of market system is that it offers the greatest variety of goods and services to the consumer An advantage of this type of market system is that it offers the greatest variety of goods and services to the consumer

$100 Economic Systems What is a FREE market system What is a FREE market system

$200 Economic Systems The Unites States economy is best described as this The Unites States economy is best described as this

$200 Economic Systems What is a Mixed Market What is a Mixed Market

$300 Economic Systems In economics, this term refers to when assets owned by the governments are sold to individuals or business

$300 Economic Systems What is “Privatization” What is “Privatization”

$400 Economic Systems In a market economy, people act in self interest depending on the individuals particular wants…this helps public interest because it does this to the markets In a market economy, people act in self interest depending on the individuals particular wants…this helps public interest because it does this to the markets

$400 Economic Systems What is make them competitive with a variety of product What is make them competitive with a variety of product

$500 Economic Systems In this kind of market system the Government decides how to allocate resources In this kind of market system the Government decides how to allocate resources

$500 Economic Systems What is a Command system What is a Command system (Centrally planned) (Centrally planned)

$100 Supply and Demand The price of products in a competitive market are determined by these two factors The price of products in a competitive market are determined by these two factors

$100 Supply and Demand What is Supply and Demand What is Supply and Demand

$200 Supply and Demand As the price of an item increases, what happens to the quantity demanded?

$200 Supply and Demand What is demand decreases

$300Supply and Demand The quantity of a good or service a producer is willing and able to produce at different possible prices The quantity of a good or service a producer is willing and able to produce at different possible prices

$300 Chart Toppers What is Supply What is Supply

$400 Supply and Demand What has occurred to market price and quantity What has occurred to market price and quantity in the graph? in the graph? 0 QQ0Q1 P1 P0 D1 D0 P s D0-Original Demand D1-New Demand

$400 Supply and Demand Price increased and quantity increased Price increased and quantity increased

DAILY DOUBLE

$500 Supply and Demand If demand for MKS Studios music recording time increases, what impact will this have on wages and number of workers employed at MKS Studios?

$500 Supply and Demand What is an increase in wages and number of employed What is an increase in wages and number of employed

$100 It’s Human Nature This is how consumers make their desires known to the government… This is how consumers make their desires known to the government… And this is how they make their desires known to businesses And this is how they make their desires known to businesses (2 part answer) (2 part answer)

$100 It’s Human Nature What is by voting and buying What is by voting and buying

$200 It’s Human Nature The economic system where people trade for the goods they need or want is called this The economic system where people trade for the goods they need or want is called this

$200 It’s Human Nature What is a Free Market system What is a Free Market system

$300 It’s Human Nature Entrepreneurs take the risk of ownership in the pursuit of this Entrepreneurs take the risk of ownership in the pursuit of this

$300 It’s Human Nature What is Profits ($$$) What is Profits ($$$)

$400 It’s Human Nature Where are consumers most likely going to spend their money?

$400 It’s Human Nature What is to satisfy specific needs and wants What is to satisfy specific needs and wants

$500 It’s Human Nature You Buy a 50 inch Plasma HDTV What is your OPPORTUNITY COST

$500 It’s Human Nature What is other goods and services given up to buy the TV What is other goods and services given up to buy the TV

$100 Surplus In the United States these 3 groups decide what goods and services should be produced

$100 Surplus Producers, Consumers and Government

$200 Surplus When people’s wants and needs exceed the resources available you get this

$200 Surplus What is scarcity

$300 Surplus This is what you call a person who starts a business

$300 Surplus What is an entrepreneur

$400 Surplus Benefits to older citizens, surviving family members, and people with certain disabilities are provided by this government agency Benefits to older citizens, surviving family members, and people with certain disabilities are provided by this government agency

$400 Surplus grab What is Social Security What is Social Security

DAILY DOUBLE

$500 Surplus In the market for CD’s, what will happen to price and quantity if both of the following occur? In the market for CD’s, what will happen to price and quantity if both of the following occur? Large numbers of individuals download music illegally. Large numbers of individuals download music illegally. Technological advances reduce the cost of producing a music CD. Technological advances reduce the cost of producing a music CD.

$500 Surplus What is price decreases and quantity decreases?

Competition

Safeway recently found itself in competition with a newly built Walmart Super Center. The new competition will most likely result in Safeway offering (Price and Quality)

Lower prices and higher quality