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Economics

Explore the fundamental concepts of economics, including the factors of production such as land, labor, capital, technology, and entrepreneurship. Discover various economic systems including traditional, command, market, and mixed economies. Learn about socialism, communism, fascism, nazism, bureaucratism, and capitalism through engaging models that illustrate their principles using simple cow analogies. Evaluate economic performance with key indicators like GDP, unemployment rate, and inflation. Delve into the business cycle to understand the dynamics of economies.

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Economics

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Presentation Transcript

  1. Economics TANSTAAFL

  2. Factors of Production • Land • Labor • Capital • Technology • Entrepreneurship

  3. Economic Systems • Traditional • Command • Market • Mixed

  4. 21 Economic Models Explained • SOCIALISM
You have 2 cows.
You give one to your neighbour. • COMMUNISM
You have 2 cows.
The State takes both and gives you some milk. • FASCISM
You have 2 cows.
The State takes both and sells you some milk. • NAZISM
You have 2 cows.
The State takes both and shoots you. • BUREAUCRATISM
You have 2 cows.
The State takes both, shoots one, milks the other, and then throws the milk away. • TRADITIONAL CAPITALISM
You have two cows.
You sell one and buy a bull.
Your herd multiplies, and the economy grows.
You sell them and retire on the income. • AN AMERICAN CORPORATION
You have two cows.
You sell one, and force the other to produce the milk of four cows.
Later, you hire a consultant to analyze why the cow has dropped dead.

  5. Economic Philosophies • Capitalism • Socialism • Communism

  6. How do we evaluate an economy? • GDP • Unemployment Rate • Labor Productivity • Inflation • CPI • PPI • Consumer Confidence Index

  7. The Business Cycle

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