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Economics

Economics. Economics. What is Economics?. Economics: the branch of social science that deals with the production and distribution and consumption of goods and services and their management. What questions do economist ask?. What to produce? How to produce? For whom to produce?.

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Economics

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  1. Economics

  2. Economics

  3. What is Economics? • Economics: the branch of social science that deals with the production and distribution and consumption of goods and services and their management

  4. What questions do economist ask? • What to produce? • How to produce? • For whom to produce?

  5. What questions do economist ask? • What to produce? • How to produce? • For whom to produce?

  6. Scarcity • Scarcity: condition where human wants are greater than the available supply. • Time • Goods • Labor • Capital • Resources • Land & oil

  7. Price • What happens to price when items are scarce?

  8. Production • the making of goods available for use • Resources are turned into goods & services • Resources • Natural resources • Labor • capital

  9. distribution • the act or process of distributing • the marketing of goods • How does the consumer get the goods or services? • Movement • Who decides?

  10. consumption • the act or process of consuming • the amount consumed • Satisfying our needs and wants by choosing goods & services • Consumer • Opportunity Cost: The best alternative sacrificed for a chosen alternative. • Job vs. college

  11. 4 Types of Markets • Economic Markets • Traditional • Command • Mixed • Free (market economy)

  12. Traditional Economy • Economic System that answers economic questions the way they have always been answered • Primitive tribe • Ainu in Japan • Native Brazilians (rain forest) • Amish

  13. Weaknesses Restricts individuals Lacks advancements Lacks new technology Lacks economic growth Traditional Economy • Strengths • Minimizes problems within society

  14. Market Economy • Economic is a system based on private ownership, free trade, competition • Price is determined by supply & demand • Also known as • Free Market • Capitalism • Example: United States

  15. Market Economy • Strengths • Freedom • Buy & sell • Entrepreneurship • Advancements • technology

  16. Command Economy • Is a system in which the central government makes all economic decisions. • Government answers these questions • What good to produce? • How much goods to produce? • What price will be charged? • Examples: • North Korea & Cuba

  17. Command Economy • Owns & controls most businesses • People do not have a say • Regulate the market • Control • Production & Distribution of goods & services

  18. Mixed Market • An economy that uses elements of both the command & market economic systems • Example is China • Includes • Government purchases • Employment • Taxation • Redistribution • regulation

  19. Market Economhy

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