1. Economics Supply and Demand, Economies, and Economic Concepts

2. What is Economics? 1. 2.

3. Branches of Economics Microeconomics: –Ex: Macroeconomics: –Ex:

4. Economics Systems Definition: U.S.A. – Capitalism –Competition for profit –Minimum government interference

5. Supply Definition: Surplus:

6. Demand Definition: Deficit:

7. Price Definiton: Tax:

8. Need vs Want Need: –Ex: Want: –ex:

9. Problems The issue: Resources: Scarcity:

10. Scarcity Diagram Unlimited Wants SCARCITY Limited Resources What to Produce? How to Produce it? For Whom? Society Choices (These are the 3 main questions asked in economics)

11. Costs & Revenue Types of Costs –1. –2. –3.

12. Business Cycles 1. 2. 3. 4. 5.

13. Business Cycle Diagram 1 2 3 5 4

14. Types of Economies 1. 2. 3.

15. Laissez-Faire Economics Definition: Adam Smith “Invisible Hand”