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Intro to Economics

Intro to Economics . Economic Systems. Capitalism: No government regulation or control. Everything it based on private ownership Socialism: A mixture – some government control, some private ownership. Government usually responsible for welfare of citizens

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Intro to Economics

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  1. Intro to Economics

  2. Economic Systems • Capitalism: No government regulation or control. Everything it based on private ownership • Socialism: A mixture – some government control, some private ownership. Government usually responsible for welfare of citizens • Communism: Governments controls and regulates everything. No private ownership • Private ownership – owned by individuals • Public ownership – owned by government

  3. Economic Systems

  4. Economic Philosophers • You will be put into groups • Each group will receive the list of basic characteristics of economic systems • Each group will also be given information on Friedrich Havek, Milton Friedman, John Maynard Keynes, and Adam Smith • Define your basic characteristics and explain the impact each philosopher had on the US free enterprise system • One paper per group, make sure everyone’s names are on it

  5. Benefits and Policy • You will get in groups of 3 • You will receive a list of benefits of the US free enterprise system and a description of each as well as examples of changes in economic policy • Research current economic policies and decide which characteristics are being affected and how • You will present your finings to the class

  6. Assignment • Your group from yesterday has been given the opportunity to advice the current administration about possible changes to their economic policies. • Topics to consider: • High rate of unemployment • Government regulation vs. government deregulation • Energy efficiency • Discuss, research and develop a recommendation to improve the economy based on one of these topics • You will present your proposal to the class

  7. Scarcity • What do you want to do after you graduate? Make a list of everything you will need to accomplish this goal • Circle any items you DO NOT HAVE right now. • What do you think scarcity means? What in your life is scarce?

  8. Vocabulary to Know (and Write Down) • Scarcity – the condition of unlimited wants and limited resources which cause people to not be able to have all of the good and services they desire . • Choice – deciding between opportunities, which results in opportunity cost decisions • Opportunity cost – the next best alternative use of resources

  9. Scarcity Activity • With a partner read through each statement and decide if there is a scarcity or not. Mark “S” if it is scarce and “NS” if it is not scarce. It is due in 15 minutes

  10. The Basic economic problem • Our resources are limited, yet our wants and needs are unlimited. A society has to choose how best to provide for the needs of its people.

  11. Basic Economic Questions • What to produce? – This is a production choice. What are you going to make with scarce resources? • How to produce? – This is a resource choice. How much of each resource will be used? Will it be labor intensive because you have abundant, cheap labor, or will it be capital intensive because you have abundant technology and capital goods? • For whom to produce? – This is an allocation choice. Who gets the products after they are produced? How is this decided, by the government or in the marketplace?

  12. Factors of Production • Land – all natural resources • Labor – any human effort, physical or mental, that goes into producing goods and services • Capital – man-made goods used in the production of goods and services, sometimes called capital goods (e.g., sewing machine used to make jeans); also the money used to purchase resources needed to produce goods and services • Entrepreneurship – person in a free enterprise or capitalistic economy that creatively combines the other three factors to create a new, or different product

  13. Basic Economic Problems Graphic Organizer • Follow along with me as we discuss the basic economic problems everyone faces • Words/Phrases used: • People have unlimited needs and wants Scarcity • Resources are limited Choices • Land What to produce • Labor How to produce • Capital For whom to produce • Physical • Human • Entrepreneurship

  14. Opportunity Cost and Choices • You will one of three different charts to practice opportunity cost, scarcity, an choices. Complete and with a partner. Due by the end of the period.

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