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Economics

Economics. Journal Topic: What do you already know about economics? What is something you would like to learn in this class?. What is economics?. http://www.youtube.com/watch?v=2YULdjmg3o0. Human Wants.

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Economics

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  1. Economics Journal Topic: What do you already know about economics? What is something you would like to learn in this class?

  2. What is economics? http://www.youtube.com/watch?v=2YULdjmg3o0

  3. Human Wants • Production: a process that combines economic resources so that the result is a good or service that is for sale • Goods are items (ex: iPhones, food, clothes, homes) • Services are something someone does for you (ex: haircuts, taxi rides, restaurant service) • Distribution: the process of getting a product or service to customers • Consumption: using a product of service

  4. Want-Satisfaction Chain

  5. Resources: The first step in satisfying wants. FACTORS OF PRODUCTION • Land: Natural resources such as soil, minerals, timber, and fresh water • SD: Oceans (for shipping, fishing), sun (for energy and to attract tourists) • Labor: Human resources, including the physical and mental efforts of people • SD: Immigration, colleges • Capital: resources such as buildings, tools and machines people create to produce things • SD: Ships, large city buildings, trains, hospitals

  6. Scarcity and Opportunity Cost • Scarcity= Wants>Available Resources • Example: Water! There may be plentiful water, but it may not be available at the time and place that it is needed. • Example: Rare jewel no one wants. Even if there are only 5 in the whole world, they are not scarce in economics if no one wants them. • Opportunity Cost: what you have to give up as a result of making a choice • Example: College  4 years of salary

  7. Things that affect our choices: Scarcity Costs vs. Benefits Future-oriented Choices of others Incentives (positive rewards for choices) Disincentives (fines or punishments for making a choice) 1) Why are farmlands turned into housing projects? 2) Why don’t cities build high speed rail systems to cute down on traffic jams? 3) Why won’t teenagers babysit for $2 per hour?

  8. Macroeconomics vs. Microeconomics http://www.youtube.com/watch?v=DJG-liA19eY

  9. What did you learn? Write about two of the most interesting things you learned today. http://midcity.weebly.com Well done – you finished Lesson 1 

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