1. Economics
The Absolute Basics

2. Economics The study of how we divide our finite resources
How we decide who gets what
How do you get what you want?
How do people in America get what they want?

3. Scarcity The condition of having unlimited wants but limited resources
There isn’t enough stuff to go around
Factors of Production
Land
Capital
Tools, Equipment, Machinery, ETC
Labor
Entrepreneurs
People who start businesses
Can everyone in the world have as much oil as they want?
Can everyone live in a Manhattan Sky rise Apartment?

4. Market Economy This is how Americans do it
Also known as a free market
Also known as capitalism
Also known as Laissez-faire
Decisions regarding investment, production, and distribution are based on market determined supply and demand, and prices of goods and services are determined in a free price system.

5. Market Economy Consider this You are a farmer and grow potatoes
Other people need/want potatoes
How do you decide who gets those potatoes?
You can’t keep them all yourself
Do you sell them?
How much do you sell them for?
As much as you can right?
The price you will be able to charge is based on supply and demand

6. Supply and Demand

7. Command Economy Government Makes Economic Decisions
Government Dictates the price of your potatoes
Government tells you to grow corn next year instead of potatoes
Communism

8. Communism
Karl Marx came up with modern communism in his book Das Kapital
Wrote that the poor should overthrow the government and take everyone’s stuff and pool it all together and then give it back out based on who needs it the most
This is what happened in Russia during the Bolshevik Revolution
Turns out the government isn’t very good at deciding what should be produced and who should get what and most communist markets failed
Goal of communism is total equality among all citizens

9. Socialism
Political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
Communism Lite
Government Owns the big stuff (oil, power plants, public transportation, etc)
Government owns the land and whatever comes out of it (minus crops you grow)
Goal of Socialism is to make everyone equal

10. Fascism
Fascism is REALLY defined as a government that CONTROLS major corporations. Fascist governments do NOT "own" anything on paper.
Socialism made to look like capitalism
Goal of Fascism is to make the country/nation better

11. Bureaucratism
A bureaucracy is an organization/Government made up of many departments and divisions that are administered by lots of people. If you've ever had to deal with health insurance or financial aid, you're familiar with the dark side of bureaucracy.
Bureaucracy has come to mean an organization or government that is chin-deep in red tape and unnecessary procedures. When dealing with a bureaucracy, expect to fill out lots of forms and wait

12. Economics Explained Through Cows