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Economics Essentials: Understanding the Basics of Economic Systems

Explore the fundamental concepts of economics, including the allocation of resources, production of goods and services, and the role of consumers. Learn how economics impacts our daily lives and society as a whole. Discover the Big Three Questions of Economics and why they are essential for understanding economic systems.

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Economics Essentials: Understanding the Basics of Economic Systems

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  1. Unit 1 Economic Basics and systems Day 1 – What is Economics?

  2. Objectives • Define Economics and discuss how the economy relates to our lives • Identify the big Three Questions of Economics • Terms: • Economics • “Goods & Services” • Goods • Services • Resources • Consume / Consumer

  3. Let’s Break it Down… What is Economics?

  4. Economics… That’s a lot of words… • Social Science • Concerned with the way society chooses • To employ its limited resources • Which have alternative uses • To produce goods and services • For present and future • Consumption

  5. Economics… Much Better! • Social Science • Concerned with how society chooses • To use itslimitedresources • Which have alternative uses • To produce goods and services • Forpresent and future • Consumption

  6. Say we all live on an island… • If you’re alone, how do you survive? • If there are other people, what might we do? • (no, this isn’t Lost). • If we DON’T want to spend all day gathering coconuts, working on our shelter, etc…. • How about coconut people, fishing people, water people, hut people, waste disposal, etc…. • And thus, the basics of economics is formed.

  7. Economics answers 3 Questions… • WHAT will be produced • HOW will it be produced • WHO will it be produced for Write those down 

  8. WHAT will be produced? • “Goods and Services” • Efforts to meet peoples’ wants and needs • Goods • Items that can be seen and touched • Pencils, Books, Weapons, Creepy Elmo Dolls • Services • Tasks performed • Doctors, Teachers, Mechanics

  9. HOW will it be produced? • Resources • Anything used to produce goods and services • Must be Land, Supplies, Raw Materials, but also Education • More on these later • Are resources unlimited? • Resources must be limited ( you can gain more ) • Question: Is “Time” a resource?

  10. WHO will it be produced for? • Consumers • A person who acquires goods and services for their own use • When you buy a burger at McDonalds • Consume • Using up of goods and services • When you demolish that burger

  11. And, in a nutshell, that’s Economics • It’s all about getting what we want and need, and the people who get it to us, along with how they do it. • Yes, money is a big part of that, but it has a purpose and a definition as well. • And also, remember, while it may seem boring at times, learning Economics could be much worse…

  12. Objectives • Define Economics and discuss how the economy relates to our lives • Identify the big Three Questions of Economics • Terms: • Economics • G & S • Goods • Services • Resources • Consume / Consumer

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