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

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Introduction to economics