What is Economics about?. Famous economics graduates.

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Presentation transcript:

What is Economics about?

Famous economics graduates

AS Economics In Outline 1Microeconomics – Markets in Action 2Macroeconomics – The International Economy

Recession 2008? What caused it?

The success of ebaY Auctions are transforming the way that markets work What lies behind the success of ebaY?

Studying Economics Economics best described as a social science It’s all about CHOICE –You –Me –Family –Football teams –Businesses –Government –Countries MICRO V. MACRO

What to produce? How to produce? For whom to produce? This is known as the ? CHOICE

The Economic Problem SCARCE RESOURCES V UNLIMITED WANTS Problem of scarcity This is a simple way of looking at problems in the world, but economists use _______ to explain a whole range of issues. Why is this so? What is the Latin term we use when discussing models?

What did you do this week? What would be your perfect day?

“Just a perfect day” Scarcity (why can't every day be like this for everyone?) Trade-offs & opportunity cost (limited time, why x not y, what else could they be doing?) Incentives & utility (why have they chosen these particular things? Rational decision taking) Diminishing returns (why do they have a variety of activities in their day?) Merit Goods (Why didn't they choose to spend it at school?)

Opportunity Cost Unlimited wants versus limited (scarce) resources leads to CHOICE; Explain with an example how opportunity cost is central to the choices we, our family or governments must make.

Opportunity Cost Scarcity & Choice Opportunity Cost: “The cost of choice in terms of the next best alternative foregone” Real cost v. Money cost

You’re a Government Minister Now What would be your priorities. How would you decide What to produce How to produce For Whom?

‘Postal Lottery’ There are national concerns regarding the treatment patients receive from the NHS, especially in relation to where they live. Local Health Authorities have a major say in how resources are allocated locally. Some life giving drugs are available in some parts of the country but not others. Explain how this example illustrates scarcity, choice and opportunity cost.

Make your own model Can you illustrate ‘The Economic Problem’ by Linking key economic terms together? Include ‘opportunity cost’. What does this important economic term mean?

Some current topics Micro and macroeconomics in action

Who benefits from globalisation? Why have some countries become richer under globalisation and others much poorer?

China – a seismic global shift “Let China sleep, for when she wakes, she will shake the world.” Napoleon Bonaparte

Global shift Largest economies in 2025 USA China Japan Germany India UK France Russia South Korea

Global shift Largest economies in 2025Largest economies in 2050 USAChina USA JapanIndia GermanyJapan IndiaBrazil UKMexico FranceRussia Germany South KoreaUK

What is? Economics Economic Problem Factors of Production Goods and Services Scarcity Choice Opportunity Cost Production Can a product be a service?

Sample some economics!