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Economics

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  1. Economics

  2. What is Economics • How people, businesses, and governments decide to produce exchange, and use goods and services • So what does this mean?

  3. The basic economic problem… • People have unlimited wants but…. • People have limited Resources are limited.

  4. The three economic questions… • What goods and services should be offered/ created? Allocation problem: prioritize what to produce • How to produce goods and services Production problem: use of labor and capital 3. For whom to produce goods? Distribution problem: resources for rich people or passed out equally .

  5. Rationing Resources • Deciding how to spend and use your resources RESOURCES: the things people needs to make goods and offer services

  6. LAND: the natural resources provided by nature used for goods

  7. LABOR: the mental and physical capacity of people to do work and produce goods

  8. CAPITAL: the physical plants, machinery, money, and equipment used to produce other goods

  9. ENTREPRENEURSHIP: the creative ability of individuals to seek profits by taking risks and combing resources to produce and innovate products

  10. TRADE • Cut the think black line • Glue the skinny column into your notebooks • Under the tabs list the top 3 exports and imports for America by reading the chart provided • Then next to this sheet explain what that means for the American economy- • For example: Mexico’s top import is machinery. According to the chart machinery accounts for 21.8% of all Mexican imports. This means that Mexico does not make their own machines, and they need machines to create the goods they do produce.

  11. US imports and exports

  12. Bartering • Cut the think black line • Glue the skinny column into your notebooks • Answer the question completely using the RACE cheat code after reading the article https://www.mint.com/barter-system-history-the-past-and-present

  13. Supply & Demand • Cut the think black line • Glue the skinny column into your notebooks • Answer the question completely using the RACE cheat code after reading the article

  14. Globalization • Cut the think black line • Glue the skinny column into your notebooks • Answer the question completely using the RACE cheat code after reading the article https://www.forbes.com/sites/mikecollins/2015/05/06/the-pros-and-cons-of-globalization/#3645c2b8ccce

  15. Business Cycle • Cut the think black line • Glue the skinny column into your notebooks • Answer the question completely using the RACE cheat code AFTER reading the article http://encyclopedia.kids.net.au/page/in/Inflation_(economics)

  16. Comparing Economies • Cut the think black line • Glue the skinny column into your notebooks • Answer the question completely using the RACE cheat code

  17. Supply & Demand 2 • Cut the think black line • Glue the skinny column into your notebooks • Color the up arrows green • and the down arrows red • Circle the correct arrow based on the diagram and then write a sentence that describes the diagram. • For example: If supply of goods go up and demand for those goods go up then the price with also go up. (so for the first diagram the up arrow is circled)

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