Unit 1: Foundations in Economics

$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 Chart Toppers Its Human Nature Surplusgrab 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 This is the most important Economic goal for all societies This is the most important Economic goal for all societies

$500 Getting Started What is make the best use of scarce resources What is make the best use of scarce resources

$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 Which of the following approaches to pollution control makes the best use of a country’s economic resources? Which of the following approaches to pollution control makes the best use of a country’s economic resources? Prohibiting activities that cause pollution Prohibiting activities that cause pollution Using resources to reduce all pollution damage Using resources to reduce all pollution damage Controlling pollution as long as benefits are greater than the cost Controlling pollution as long as benefits are greater than the cost

$300 Economic Systems Controlling pollution as long as benefits are greater than the cost

$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 resorces In this kind of market system the Government decides how to allocate resorces

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

$100 Chart Toppers What is the opportunity cost of sleeping in What is the opportunity cost of sleeping in Karen’s Decision-making Grid Alternatives Sleep lateWake up early to study Benefits Enjoy more sleep Have more energy during the day Better grade on test Teacher and parental approval Personal satisfaction DecisionSleep lateWake up early to study for test Opportunity costExtra study time Extra sleep time Benefits forgone Better grade on test Teacher and parental approval Personal satisfaction Enjoy more sleep Have more energy during the day

$100 Chart Toppers What extra study time for the test What extra study time for the test

$200 Chart Toppers In this chart the green line indicates this Watermelons (millions of tons) Shoes (millions of pairs) Production Possibilities Graph Watermelons (millions of tons) 0 a (0,15) c (14,12) d (18,9) e (20,5) f (21,0) 814 b (8,14)

$200 Chart Toppers What is the Production Possibilities Frontier Watermelons (millions of tons) Shoes (millions of pairs) Production Possibilities Graph Watermelons (millions of tons) 0 a (0,15) A production possibilities frontier c (14,12) d (18,9) e (20,5) f (21,0)

$300 Chart Toppers What does point ‘g” indicate about production possibility? What does point ‘g” indicate about production possibility? Shoes (millions of pairs) Watermelons (millions of tons) Production Possibilities Graph c (14,12) d (18,9) e (20,5) f (21,0) a (0,15) b (8,14) S g (5,8) Pont “g”

$300 Chart Toppers What is a point of underutilization What is a point of underutilization Shoes (millions of pairs) Watermelons (millions of tons) Production Possibilities Graph c (14,12) d (18,9) e (20,5) f (21,0) a (0,15) b (8,14) S g (5,8) A point of underutilization

$400 Chart Toppers Line “t” shows this in relation to line “s” Line “t” shows this in relation to line “s” Shoes (millions of pairs) Watermelons (millions of tons) Production Possibilities Graph T Future production Possibilities frontier c (14,12) d (18,9) e (20,5) f (21,0) a (0,15) b (8,14) S

$400 Chart Toppers What is GROWTH What is GROWTH

DAILY DOUBLE

$500 Chart Toppers Knowledge and skills a worker gains through education and experience

$500 Chart Toppers Human Capital Human Capital

$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 Which of the following is your OPPORTUNITY COST The ability to have more people view football The ability to have more people view football Dollar cost of the TV Dollar cost of the TV Other goods and services given up to buy the TV Other goods and services given up to buy the TV

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

$100 Surplus grab Producers, Consumers and Government

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

$200 Surplus grab What is scarcity

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

$300 Surplus grab What is an entrepreneur

$400 Surplus grab 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 grab On a Production Possibilities curve, an economy working below its efficient production level is shown by this

$500 Surplus grab A point under the Production Possibilities Frontier

Government

Name 3 specific services the Government provides its citizens AND The opportunity costs of providing those services

Guns or butter…