What Are The Basics Of Economics – 1. Main problems – Lack of resources a. Social Needs and Needs: Individuals: b. The four factors of production are Land: Labor: Capital: Entrepreneurship:
To get it a. Opportunity cost: What you have to sacrifice to get what you want b. Example: Are you going to college or looking for a job?
What Are The Basics Of Economics
A. Example: Learn to eat b. Compare the costs and benefits of doing a little more – margin analysis c. Price contrast and margin-diamond analysis and water i. Utilities:
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A. Division of Labor and Specialization: 6. Market Towards Equilibrium a. Jiffy Lube in Manhattan (again): What if this scenario were true? B. Another example: Security line c. The market is predictable.
Achieving social goals a. Effectiveness: take every opportunity to make others better without making them worse b. Capital: c. Examples of conflicts:
Interventions can improve social welfare a. Example: 10. One person’s expenses are another person’s income a. Chain reaction effect:
Production capacity of the economy a. Example: Major economic crisis b. Inflation can cause: 12. Government policies can change spending a. Change taxes, money management and more.
Quiz & Worksheet
E.1A: The continuing value of something is determined by its scarcity and use. An unimportant item may have a high price (a pearl necklace), while an important item may have a low price (water), creating a price contrast. E.1B: Describes how society answers basic economic questions. An increase in goods and services is associated with economic growth.
E.1B: Continuing with the three basic questions, each country’s economy must answer what to produce, how to produce it, and for whom. When deciding how to use resources, you must evaluate the costs and benefits that match your needs. This decision leads to trade-offs. The former Union used opportunity and transaction costs to evaluate its economy and decided to transition from an agricultural to an industrial economy.
E.1C: Describes the economic factors of production. Opportunity costs are associated with trading transactions. Four factors of production: land, labor, capital and entrepreneurship. Entrepreneurs are risk takers who take on business to create economic growth and jobs. E.1D: Explain the production capacity curve and explain the concept of value, opportunity and scarcity. A production capacity curve defines the possible combinations of goods and services that an economy can produce.
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E.1D: Opportunity cost continues to explain the meaning of choosing one option over another. Evaluating the costs and benefits of using resources creates a trade-off. TEKS E.5: Students understand liberal economic systems, socialist enterprises, and communism. E.5A: Describes key features of the economic system, including property rights, incentives, economic freedom, competition, and the role of government.
E.5A: Continuation Karl Marx believes that the beneficiaries of socialism are the workers. Today, the most common type of economy in the world is a diversified economy. E.5B: Compare liberal, socialist, and communist enterprise systems using key economic system characteristics. Socialist economies provide people with goods and services that they cannot afford.
E.5C: Consider contemporary examples of free enterprise, a socialist economic system, and communism. The country with the highest capitalist economy and GDP per capita is Singapore. China is an example of a successful privatized state today. High tax rates led to Sweden’s transition from socialism to a multi-sector economy in the 1980s.
TEKS E.6: Students understand the basics and benefits of the free enterprise system. E.6A: Explains the main features of the US free enterprise system, including private property, incentives, economic freedom, competition, and a limited role for government. One of the consumer’s responsibilities is to read the label information before making a purchase. E.6B: Explain the advantages of the US free enterprise system, including individual freedoms for consumers and producers, variety of goods, value for investment opportunities, and wealth creation.
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E.6B: Continued privatization tends to raise a country’s standard of living because its citizens are more productive if they accept it in their own interest. The advantage of a market economy is that it gives its citizens a high degree of personal freedom. In a command economy, the output may be of poor quality because workers are not motivated to produce good jobs due to the lack of profit incentives.
TEKS E.8: Students understand the circular flow diagram of the economy. E.8A: Explain the role of resource owners and companies in a circular economic flow model and provide practical examples to illustrate the elements of the model. A decrease in demand for new products can have a negative impact on the country’s overall income level. The amount of volunteer work done in a country best explains why that country’s GDP is an indicator of the well-being of the nation as a whole.
TEKS E.22: Students practice critical thinking skills to prepare and use information from a variety of sources, including electronic technologies. E.22A: Analyze economic information by classifying it, identifying relationships, cause and effect, comparing contrasts, finding main points, summarizing and predicting, drawing conclusions and conclusions. In a country with a controlled economy, people in political power may resist the transition to a free market economy for fear of losing control.
TEKS E.23: Students communicate in written and visual form. E.23A: Use economic terminology correctly. Gross domestic product (GDP) provides the most comprehensive measure of a country’s wealth. Durable goods are products designed to last at least three years, non-durable goods with a shelf life of less than three years. Decisions about what to produce are made by consumers. In a market economy, important economic decisions are made by individuals, not for them.
Principles Of Economics 2e
Presentation on theme: “SS6E5 Fundamentals of Economics Students will analyze different economic systems a. Compare how traditional economies, commands and markets treat economies.” – Presentation Transcript:
1 SS6E5 Fundamentals of Economics Students analyze different economic systems. A. Compare whether traditional economics, orders, and markets answer the economic questions of 1 – what to produce, 2 – how to produce, and 3 – for whom to produce. B. Explain how many countries have a diversified economy based on a continuum between pure and market and pure orders. SS6E7 Students describe the factors that contribute to economic growth and investigate whether they exist in Europe. A. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP). B. Explain the relationship between the means of production (plants, machinery, and technology) and gross domestic product (GDP). C. Describe the role of natural resources in the country’s economy. D. Describe the role of entrepreneurship.
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Limited: Limited in quantity.Resources: Materials used to provide what we need or want.Factors of Production: Land Resources: Soil, soil, plants, animals, water, oil, and metals. Employment resources: the work people do with their hands and their ideas (carpenters, singers, teachers, etc.).
4 Goods and Services Goods are things you can touch or feel. Goods must be grown or produced by someone. Services are the work that people provide to produce a product (pizza delivery, hairdresser, dentist, etc.).
Economic activity is what people do to satisfy their needs and wants. The things people do to provide goods and services can be divided into three groups. We call these groups primary economic activities. Three groups: take materials from the earth to make things and provide services
Each country must answer three questions about goods and services. We call these three basic questions economics. The question arises, what goods and services should be produced? How should these goods and services be produced? Who receives the goods and services? What should be produced? How to produce? From whom?
Chapter 1 The Principles And Practice Of Economics
How a country answers the three economic questions determines the profile of the economic system. The four main economic systems are: (leave a space for each description) Diversified Traditional Command Market
8 Conventional Economics Conventional Economics: Make decisions based on what has been done in the past. People produce the goods and services they produce. (Cattle make pots out of clay)
Command Economy In a command economy, government leaders answer key economic questions. The government controls land, labor, and capital (the three factors of production).
10 Market economy The market economy is this
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