Introduction to economics

INTRODUCTION TO ECONOMICS Choices, Choices, Choices, . . .

WHAT IS ECONOMICS??? ,[object Object]

The Study of Economics ,[object Object],[object Object],[object Object],[object Object],[object Object]

ECONOMICS: 5 Economic Questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What are resources? ,[object Object]

BUT, there’s a Fundamental Problem: ,[object Object]

Choices, Choices ,[object Object],Don’t take notes. Just listen.

Why Choices? ,[object Object],[object Object],Don’t take notes. Just listen.

Wants and Needs, Needs and Wants ,[object Object],[object Object]

Trade-Offs ,[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object]

Opportunity Costs ,[object Object],[object Object],If I buy a pizza… Then I can’t afford the movies… Q: What is the opportunity cost of buying pizza?

Production ,[object Object],[object Object]

PRODUCTION, cont. ,[object Object],[object Object],[object Object],[object Object]

Factors of Production ,[object Object],[object Object]

4 Factors of Production ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

THREE parts to the Production Process ,[object Object],[object Object],[object Object],Which Came First?

Production Process Capital Labor Land Entrepreneurship Production/Manufacturing “ Factory” Goods Services Consumers

Capital Goods and Consumer Goods ,[object Object],[object Object]

CHANGES IN PRODUCTION ,[object Object],Nike makes shoes, not hamburgers McDonalds makes hamburgers, not shoes!!

CHANGES IN PRODUCTION ,[object Object],You do your job, and I will do my Job and we will be more EFFICIENT

CHANGES IN PRODUCTION ,[object Object],[object Object],The DELL store is empty because…. Everyone is at the APPLE STORE!!!

CHANGES IN PRODUCTION ,[object Object],[object Object],[object Object],[object Object]

PRODUCTION, cont. again ,[object Object],[object Object],[object Object],[object Object]

World GDP ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Traditional Economies ,[object Object],[object Object],[object Object],[object Object],[object Object]

Command Economies ,[object Object],[object Object],[object Object],[object Object],[object Object]

Karl Marx ,[object Object],[object Object],[object Object],[object Object]

Communism Falls ,[object Object],[object Object],[object Object],[object Object]

Free Market (Capitalist) Economies ,[object Object],[object Object],[object Object],[object Object],[object Object]

Adam Smith ,[object Object],[object Object],[object Object],[object Object]

Adam Smith (cont.) ,[object Object],[object Object]

Principles of Capitalism ,[object Object]

Mixed Economy/Socialism ,[object Object],[object Object],[object Object],[object Object],[object Object]

John Maynard Keynes ,[object Object],[object Object]

Keynesian Economics (cont.) ,[object Object],[object Object]

Costs and Revenues ,[object Object]

Costs and Revenues - Chart ,[object Object],Margin=Extra Space

Costs and Revenues ,[object Object],[object Object],[object Object],[object Object]

Costs and Revenues ,[object Object],Marginal Benefits Marginal Costs

Cost-Benefit Analysis ,[object Object],[object Object],[object Object]

LABOR ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

When Production Decreases ,[object Object],[object Object],[object Object],[object Object],[object Object]

How does ‘Labor’ protect itself? ,[object Object],[object Object],[object Object],[object Object],[object Object]

Collective Bargaining and Strikes ,[object Object],[object Object],[object Object],[object Object]

Introduction to economics

Empfohlen

Empfohlen

Weitere ähnliche Inhalte

Was ist angesagt?

Was ist angesagt? (20)

Ähnlich wie Introduction to economics

Ähnlich wie Introduction to economics (20)

Mehr von Mr. Fields' Class

Mehr von Mr. Fields' Class (20)

Kürzlich hochgeladen

Kürzlich hochgeladen (20)

Introduction to economics