1. THE BASICS OF ECONOMICS

2. WHAT IS ECONOMICS?

3. THE BASICS
SCARCITY
ALLOCATION
NEEDS &WANTS
GOODS & SERVICES

4. RESOURCES (factors of production)
LABOR
CAPITAL
ENTREPRENEURSHIP
TECHNOLOGY
LAND

5. OPPORTUNITY COSTS
Scarcity leads to allocation
What would you be doing right now?

6. PRODUCTION POSSIBILITIES
Guns vs. Butter
Underutilized
When does the curve shift to the right?
Most efficient

7. CURVE PRACTICE
A company produces 2 products: pencils & pens. If they produce only pens (no pencils), they can produce 1000 units. For every 100 pencils they produce, they can make 100 fewer pens.

8. CURVE PRACTICE
You have 5 hours of free time after school. Think of 2 ways you can spend this time. Draw a T-chart and production possibilities curve to illustrate this.