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Day 1 – What is Economics?

Unit 1 Economic Basics and systems. Day 1 – What is Economics?. Objectives. Define Economics and discuss how the economy relates to our lives Identify the big Three Questions of Economics Terms: E conomics “Goods & Services” Goods Services R esources C onsume / Consumer.

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Day 1 – What is Economics?

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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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