1. Economics The allocation of scarce resources among competing uses.
What are the scarce resources?

2. Resource 1: Land

3. Apartment in Upper West Side
1 bedroom & 1 bathroom
$3,275 per month
Unfurnished

4. Renting in Detroit
Price: $395
Beds: 1
Baths: 1

5. Resource 2: Labor Surgeon Salaries
Cardiovascular Surgeon
New York $507,829
Miami $429,728
General Surgeon
$249,700
$336,000
Jennifer Lawrence $52,000,000
Robert Downey
$80,000,000

6. Not all jobs are the same!
How much would you have to be paid to do these jobs?
They make between $100 and $250 per show!

7. Street Vendors Catching Gators $14,000 - $16,000 a year Sources state they get about $1,000 for a foot gator

8. Resource 3: Capital
Automotive Plant Classroom

9. Resource 4: Entrepreneurial Spirit
Mark Zuckerberg
Net Worth $71.1 billion
Jeff Bezos - Amazon
Net Worth $83.2 billion
Bill Gates - Microsoft
Net Worth $89.8 billion
LeBron James
Net Worth $400 million
Oprah Winfrey
Net Worth $3 billion
Alice Walton
Net Worth $33.8 billion

10. How to get rich quick? Jack Ma made $16 billion at the IPO

11. Self made millionaires
Kendra Scott
$500 million
Kim Karashian
$45.5 million
Jay-Z
$810 million

12. The idea has to be a bit different!

13. Basic Economic Terms
Scarcity is a situation in which the amount of something available is insufficient to satisfy the cumulative desire for it.
goods, services, and markets
Microeconomics is the study of the branches (sectors) of the economy .Some of the sectors are: retail and wholesale trade, construction, agriculture, mining, manufacturing, and government.
Within each sector there are a plethora of sub categories (industries).
Macroeconomics takes a broader approach to addressing economic questions. Instead of analyzing a specific sector, macroeconomics deals with the overall picture. For example what is the role of the government in an economy? How have prices changed overtime? What is the unemployment rate of the U.S.? What is the growth rate of the US economy ?
Marginal Analysis is the analysis of the effect of incremental, additional changes that ultimately impact a market.
Positive Economics just the facts, if then statements. If income rises then consumption will rise.
Normative Economics the area of economics that is concerned with whether economic policies are good or bad.
Objective of Microeconomics From a Business Perspective: To determine an amount to charge, and an amount to produce.
Fields of Economics Public, Finance, Monetary, International, Labor, Environmental, Industrial Relations, Developmental
Other Terms of Interest
Opportunity cost - the cost of a good or service measured in terms of the highest valued alternative
Invisible Hand: Let the demand of the consumers determine what should be supplied.
Ceteris Paribus “holding everything else constant”

14. Additional Notes
Economics is the study of the allocation of scarce resources among competing uses.
The resources that need to be allocated are land, labor, capital, and entrepreneurial spirit.
In the U.S. the resources are allocated by money. The purchasing entity - whether it is a person, business or the government – with the most money receives the goods and/or services that are available.
The more entities competing for the scarce resource, the higher the resources monetary value.