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Published byDenis Banks Modified over 9 years ago
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Mr. Kallusingh
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Is the fact that society does not have enough resources to provide everyone’s wants What is a need vs. a want?
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Trade-offs is the reality that a person has more than one choice. Jeans, MP3 player, Concert. Opportunity Cost is comparing your options to the next best alternative and that can include money, time, or resources. Do I take another math class or work experience?
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This concept is based on a group of markets. Factor market is how people make their money and the product market is where they spend their money.
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Land-natural resources not created by humans; like deserts, forest, mineral deposits, sunshine; these quantities are believed to be fixed or limited Capital-can be tools, equipment, machines, factories, or capital goods; can also be money or financial capital; capital can be used multiple times John Deere lawnmower is a capital good for them and the landscaping company
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Labor-the efforts, abilities, and skills of people; this can change over time due to growth, immigration, famine, war, and disease Entrepreneurs-individual that does something new with existing resources; driving force behind the economy as they start businesses or bring new products; they combine land, labor, and capital into new products
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A rational choice is taking the things with greater value and giving up those with lesser value What is needed to make good economic choices? Who makes the choice? Are all choices right or wrong?
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Is a model that allows a person or group to figure out it’s max production capabilities. Like a country can choose to produce more guns, but it will have to produce less of another product.
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