Introduction to Economics Chapter 1 Section 1: The Basic Problem in Economics.

Slides:

Advertisements

Similar presentations

Objective: –Explain what economics is and how we make economic choices. Bell Question: –What is a need? What is a want? What is the big difference between.

Advertisements

Jeff Knight AP Economics. Key Assumptions in Economics,Scarcity, Opportunity Cost and Production Possiblities Curve.

 The study of economics explains how productive resources are used to provide the goods and services that satisfy human wants and needs.  Scarcity is.

AP Macroeconomics Key Assumptions in Economics, Scarcity, Opportunity Cost and the Production Possibilities Curve.

Chapter 1 ECONOMICS. WHY STUDY ECONOMICS VALUE OF A COLLEGE DEGREE HIGH SCHOOL GRAD’S EARN $1.2 MILLION HIGH SCHOOL GRAD’S EARN $1.2 MILLION COLLEGE GRAD’S.

What is Economics? Economics can be defined as the Social Science concerned with the Problem of administering or using Scarce Resources so as to attain.

ECO 101: I NTRODUCTION TO M ICROECONOMICS Introduction Naveen Abedin.

Scarcity and the Factors of Production

AP Macroeconomics Key Assumptions in Economics, Scarcity, Opportunity Cost and the Production Possibilities Curve.

Lecture: 1 Chapter 1: Introduction Natural Resources: The lands, water, metals, minerals, animals, and other gifts of nature that are available for producing.

1 Introduction to Econ.. 2 What is Economics? Some definitions of economics: The social science concerned with how individuals, institutions, and society.

The Nature and Method of Economics 1 C H A P T E R.

Chapter 1 What is Economics?. Section 1-1: The Basic Problem in Economics What is economics?  The study of how people satisfy their unlimited wants and.

Definition Economics: The study of how society chooses to allocate its scarce resources in order to satisfy unlimited wants Microeconomics: Branch of.

What is an Economy? Chapter 13.

Nature and Methods of Economics: The Study of Economics Fall 2013.

Introduction to Economics What is “economics”? What are the basic ideas of Econ? Who helped to create the study of Econ? What is “economics”? What are.

Wants, Needs, and Choices

Chapter 1 What is Economics?.

1 ECONOMICS ?. Chapter No 1 Introduction to Economics Prepared By Kokab Manzoor 2.

1 Limits, Alternatives, and Choices McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Reading Quiz 1.1 Describe the Economic Problem Name one human resource

Econonomics Mr. Aas Bemidji High School. Micro Microeconomics is the branch of economics that examines the choices of individuals concerning one product,

9. Introduction to Economics 1 Fundamentals of Management and Economics.

Economic Bingo Chapter 1 Scarcity. Bingo Terms Scarcity*Scarcity Producer*Entrepreneur Economist*Natural Resource Capital Resource*Consumer Division of.

Chapter 1. Learning Objective I can define economics and understand what causes the study of economics to exist.

Economics Introduction Frederick University 2014.

Unit 7: Foundations of Economics: The Fundamentals of Economics.

Introduction to Economics

An Introduction to the “Dismal Science” Choices, Scarcity, and Opportunity Costs Examined.

Section 1 Wants, Needs, and Choices The basic problem in economics is how to satisfy unlimited wants with limited resources.

Scarcity and the factors of production Economics starts with idea that People cannot have everything they need or want.

Chapter 1 What is Economics?. Section 1-1: The Basic Problem in Economics What is economics?  The study of how people satisfy their unlimited wants and.

Ch.1 Sec-1.  What is Economics?  Economics ◦ The study of how individuals, families, and societies use limited resources to fulfill their unlimited.

Introduction to Economics Part 1. What is Economics? What is Economics? – Quiz Choose the correct answer 1. Economics is the political science that deals.

Chapter 1. Learning Objective I can define economics and understand what causes the study of economics to exist.

KRUGMAN'S MACROECONOMICS for AP* Module The Study of Economics 1 Margaret Ray and David Anderson NEW PICTURE TO COME.

Ms. Kronlokken.  Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation.

Can We Have It All? Microeconomics Unit 1: Basic Economic Concepts.

Unit 1: An Introduction to the Study of Economics Lesson 1: What is Economics?

1 Limits, Alternatives, and Choices McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Economics Ms. Curran August 17.

Economics Chapter 1 Section 1.

Introduction to Economics

The Basic Problem in Economics

Introduction to Economics

The Basic Problem in Economics

Introduction to Economics

The Fundamentals of Economics

What is Econ and how does it effect Americans?

Chapter 1 What is Economics?

Lecture: 1 Chapter 1: Introduction Natural Resources:

What is economics? Vocabulary

What is Economics Chapter 1.

Module The Study of Economics

Introduction to Macroeconomics

Sections 1 & 2 The Basic Problem in Economics & Trade-Offs

Econ “Scarcity: The Basic Economic Problem”

What is Economics? And why do I care?.

Introduction to Economics

The Basic Problem in Economics

Questions to Consider Economics Overview

Introduction to Economics

ECO 101: Introduction to Microeconomics

The Basic Problem in Economics

The Basic Problem in Economics

The Basic Problem in Economics

Introduction to Economics

Introduction to Economics

Presentation transcript:

Introduction to Economics Chapter 1 Section 1: The Basic Problem in Economics

How much would you pay?

The Basic Economic Problems What is economics? What is Macro or Micro Economics? What is scarcity?

Definition of Economics Economics: The study of how people make choices about ways to use limited resources to fulfill their wants. Microeconomics: The branch of economic theory that deals with behavior and decision making by small units such as individuals and firms Macroeconomics: Large units such as governments

The Problem of Scarcity Scarcity: basic economic problem that results from a combination of limited resources and unlimited wants. Scarcity always exists! Name some scarce resources...

Factors of Production Factors of Production: resources of land, labor, capital, and entrepreneurship used to produce goods and services Goods: tangible objects Services: Actions that satisfy people’s wants or needs

Wants and Needs What is the difference between a WANT and a NEED? With a partner divide your packet and determine what is a want, and what is a need.