1. Economics

2. Private Property Rights
Property Rights – Incentives to conserve and improve property
Incentives – The better you take care of it, the more it’s worth
House looks good
The resale of your house will be much better, house much more marketable (resale market)

3. Question
If you give your house “upgrades” like better Air Conditioning, will it be worth more?

4. Property Rights
Eminent Domain- government can take away your property for public use.
government must pay a fair price for what it takes
Could go to court
Settlement
Impacts Property Rights by taking what is yours away
Feel as if your rights were taken

5. Question What is a “fair price?”
Does the government need a reason to be able to take away your property?

6. Supply & Demand
Supply- the amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.
Demand is the quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
S5C1 PO4
Apply Adam Smith’s ideas of a market economy to: consumer choice.
and S5C2 PO7
Describe how completion e.g., Microsoft/Apple, Wal-Mart Target) affects supply and demand from the vantage point of the consumer and producer. supply and demand impacts people.

7. Supply and Demand
Consumers wants and needs effect the supply and demand of products.
If there is a large demand for a product the producers will produce more
If there is no need or want the companies will produce less of a product.
If there is scarcity of a product the price can be raised.
If there is too much of a product the price will most likely be lowered.
S5C1 PO4
Apply Adam Smith’s ideas of a market economy to: consumer choice.
and S5C2 PO7
Describe how completion e.g., Microsoft/Apple, Wal-Mart Target) affects supply and demand from the vantage point of the consumer and producer. supply and demand impacts people.

8. Question
Which comes first? Supply or demand?

9. Entrepreneurs
Entrepreneurs- People who have created successful businesses that have enriched our lives
Bill Gates, Martha Stewart, Oprah Winfrey, Ted Turner

10. Competition
Competition encourages more variety, better quality, and cheaper products.
Sam’s Club and Costco
Wal-Mart and Target
Apple and Microsoft
S5C1 PO4
Describe how competition affects people and business.

11. Competition Competition affects Supply and Demand by…
Giving the consumer the best price, which mean the consumer will buy more, which leads to more of a demand
the producer makes more money
In the end…we all get what we want if the price is right 

12. Question
Can too much competition be a bad thing?