Economics Intro The Idea of Scarcity. Why do we buy this…

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Presentation transcript:

Economics Intro The Idea of Scarcity

Why do we buy this…

If we want this?

We do people live in these …

If they want this?

Why do people drive these…

If they prefer this?

The answer is simple. Because we wish we had this …

And had jobs that paid like this...

but reality is this.

Answer:

Resources The world has resources, whether it’s food, minerals (crude oil), or land. But all resources are limited. We also have resources, called money. Money is also limited. Limited resources is called SCARCITY.

The 3 Basic Economic ?’s Three Economic Questions: What goods will be produced? How will the goods be produced? For whom will they be produced?

Economics Systems Each country has a system that decides the three economics questions. The amount the government is involved in the 3 questions, determines what type of a system the country has. There are two basics systems – Free Enterprise and Socialism. Communism is an extreme form of socialism.

Capitalism (Free Enterprise) vs. Socialism Free Enterprise – price is the rationing device Socialism – government is the rationing device Free Enterprise – income is determined by demand Socialism – income is dispersed by government

Capitalism (Free Enterprise) vs. Socialism Free Enterprise – resources are privately owned Socialism – many resources are government controlled and owned Free Enterprise – 3 economic questions answered privately Socialism – 3 economic questions answered by government