1. CHAPTER 1: WHAT IS ECONOMICS

2. SERVICE: Professionals (Intangible)
Goods vs. service
GOODS: Tangible
SERVICE: Professionals (Intangible)

3. Consumer vs. Producers
YOU!!
Businesses!!

4. WHAT IS A MARKET?

5. WHAT IS VOLUNTARY EXCHANGE?

6. FACTORS OF PRODUCTION NATURAL RESOURCES HUMAN RESOURCES
CAPITAL RESOURCES
ENTREPRENEURS

7. SCARCITY
EVERYTHING IS SCARCE!!

8. OR OPPORTUNITY COSTS WHAT ARE YOU WILLING TO GIVE UP?
WHAT ARE YOU MISSING OUT ON? OR

9. TRADE-OFF
LET’S MAKE A DEAL! I WANT EVERYTHING!
AND

10. MARGINAL COSTS AND BENEFITS
MARGINAL=ADDITIONAL
LET’S GET A JOB IN MADISON—GAS $4.09
LET’S GET A JOB IN BRANDON—GAS $4.09

11. PROFIT: HOW DO YOU GET IT?
TOTAL REVENUE – TOTAL COST = PROFIT
HOW MUCH MINUS HOW MUCH
YOU MAKE YOU SPEND

12. QUESTIONS, WHAT QUESTIONS??
THREE KEY ECONOMIC QUESTIONS: HOW WE RUN OUR ECONOMY!
WHAT, HOW, WHO??
WHAT GOODS/SERVICES SHOULD WE PRODUCE?
HOW ARE WE GOING TO PRODUCE GOODS/SERVICES?
WHO WILL CONSUME THESE GOODS/SERVICES

13. TYPES OF ECONOMICS MICROECONOMICS: SINGLE INDIVIDUALS
HOW MUCH WILL YOU PAY FOR A TICKET?
DO WE TAKE A VACATION THIS YEAR?
SHOULD WE BUY A NEW IPAD?
MACROECONOMICS: ECONOMY AS A WHOLE
“BIG PICTURE”
WHAT ARE TICKETS GOING FOR TODAY?
HOW MANY ARE UNEMPLOYED?
HOW HAS THE NATION’S TOTAL INCOME CHANGED?