Chapter 2 Section 1.   Talk with a partner:  Currently you have hundreds of options available to you in regard to cereal or breakfast food.  Imagine.

Slides:



Advertisements
Similar presentations
ANSWERING THE 3 ECONOMIC QUESTIONS
Advertisements

Economic Systems: Directions
Chapter 1 What is Economics?.
Chapter 2 “Economic Systems” (pp
Economic Systems CHAPTER 2 SECTION 1: Types of Economic Systems
1 INTRODUCTION. Copyright © 2004 South-Western/Thomson Learning 1 Ten Principles of Economics.
Answering the Three Economic Questions
Chapter 1: What is Economics? Opener
Economics Chapter 2 REVIEW
Three Key Economic questions and Three types of Economies chapter 2.1 If your cow isn’t giving any milk maybe it’s time to sell him.
Basic Principles of Economics It is study of how individuals, families and businesses use limited resources to fulfill their unlimited wants.
Ten Principles of Economics
Unit 1-2: Basic Economic Concepts
Chapter 2 Section 1 Answering the Three Economic Questions
Economic Goals and Three Fundamental Questions 1. How do societies choose goals for their economic system? 2. What are the 6 goals of a free market system?
Unit 1: Basic Economic Concepts
Economics 101.
Lesson Objectives: By the end of this lesson you will be able to: *Identify the three key economic questions that all societies must answer. *Analyze.
Section 5-1 Comparing Economic Systems. What is Economics? The social science that examines how societies use scarce resources to produce and distribute.
3 Key Economic Questions. Because economic resources are limited, every society must answer 3 economic questions…..
Answering the Economic Questions Economic system  the method used The economic system chosen by a society Three questions to answer: – What goods will.
Economic Decisions Fri. September 2, Today’s Objectives  Distinguish the difference between wants and needs  Explain the difference between goods.
Ten Principles of Economics
Ten Principles of Economics
I. Economic and Social Goals 1. economic freedom 1. economic freedom 2. economic efficiency 4. economic equality 4. economic equality 5. economic security.
AP ® Economics. REVIEW 1.Explain relationship between scarcity and choices 2.Differentiate between positive & normative 3.Differentiate between price.
Economics Chapter 2 Section 3. Three Economic Questions As a result of scarce resources, societies must answer three key economic questions: ◦What goods.
Chapter 2 Economic Systems and the American Economy.
Unit 1 Foundations of Economics Chapters 1 and 2
Chapter 2: Economic Systems Section 1
Chapter 2.2 The Free Market Economic System
Evaluating Economic Performance and Capitalism Chapter 2.
Answering the 3 Basic Economic Questions Chapter 2.
Three Fundamental Economic Questions
Economic Systems Chapter 2. The Three Economic Questions Every society must answer three questions:
Economics: The Basics. The Basics.. Fundamental problem facing all societies: SCARCITY Define: The condition that results from society not having enough.
Economic Systems. Three Basic ?s What goods should be produced? How should the goods be produced? Who will get the goods and how will they be distributed?
ECONOMICS MR. OSBURN THREE ECONOMIC QUESTIONS. WHAT GOODS AND SERVICES SHOULD BE PRODUCED? Each society must decide what to produce to satisfy its needs.
Chapter 18 What is Economics? Section 1- The Fundamental Economic Problem.
COMMUNISM AND CAPITALISM Comparing the Economic Systems.
Economics CHAPTER 2 economic systems and decision making REVIEW GAME.
 The study of how to distribute limited resources  the study of how people choose to use scarce resources to satisfy their wants. What is Economics?
Economic Systems and the American Economy. Economic Systems Why do we, as American consumers, have so many choices?
FUNDAMENTALS.
Economic Decisions and Systems. Goals for this chapter  Distinguish between NEEDS vs. WANTS  Explain difference between GOODS and SERVICES  Describe.
Economics Chapter 2 Section 1 Economic Systems What is an economic system? What are some types of economic systems that you may of studied in the past?
Basic Economic Concepts Chapter 1: Sections 1, 2, and 3.
CHAPTER TWO REVIEW. 1.An _________ is the method used by a society to produce & distribute goods and services. 2.In order for a society to decide the.
[ 2.1 ] The Three Key Economic Questions
Chapter 2: Section 1 Vocabulary
Chapter 2: Economic Systems Section 1
Economic Systems Chapter 2.
What is the difference between a good that is a need and a good that is a want? Give an example of each. A good that is a need is necessary for survival,
Market Economy Social 9 - Chapter 6.
Answering the Three Economic Questions
Economic Systems: Answering the Three Economic Questions
ECONOMIC SYSTEMS AND INCENTIVES
Week 2 Vocabulary Review
Making Decisions in a Market Economy
The 3 Economic Questions
Fundamentals Review.
Economic Systems.
Do Now Using this graph, tell me what points are efficient, inefficient, and not possible. What are trade-offs? What is opportunity cost? What does the.
Economic Questions Chapter 2 Section 1.
Chapter 2 Economic Systems
The Basic Economic Problem
Answering the Three Economic Questions
Chapter 2: Economic Systems Section 1
Bell Work A command economy is an economic system in which:
Productivity and Specialization
Presentation transcript:

Chapter 2 Section 1

  Talk with a partner:  Currently you have hundreds of options available to you in regard to cereal or breakfast food.  Imagine is the government one day decided to destroy those choices and gave you only two:  Cheerios and Special K  How would this affect you?  What would you do in response?  How would this affect the world around us?  Why do we feel this way? Think about this!

  What should we produce?  How should we produce them?  Who should get these goods? 3 Economic Questions

  Depends on the type of economy.  Production Possibilities Curve  Guns or Butter  Scarcity means, every decision comes with a cost.  What new technologies did you come up with? What should we produce?

  What fuel should we use to generate electricity?  Is education better in public or private schools?  Should we outsource or build here? How should we produce it?

  Efficiency  Morality  Difference of Opinion How should we produce it?

  Who gets to drive the luxury car?  Who has to take the bus?  Who gets to go to college? Who consumes these goods/services?

  Income Distribution  Factor Payments – Money people get for their sold work or resources.  How do these differ?  Is this fair?  Profit  Money earned after you factor in costs.  The reward for taking a risk.  How much should CEOs make? Who consumes these goods/services?

  Efficiency  Freedom  Security  Equity  Growth  Conflicts between these goals. Economic Goals and Values

  Because societies answer these questions differently, based on their economic goals and values, multiple economic systems have emerged.  These systems provide basic methods to make choices based on limited resources. 3 Questions

  Is too much choice a bad thing? Paradox of Choice