1 / 15

Economics

Explore the fundamentals of economics, including macroeconomics and microeconomics, factors of production, supply and demand, and the relationships between different enterprises.

ramone
Télécharger la présentation

Economics

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Economics It may be the most boring topic you will ever discuss, but also the most important.

  2. Economics defined • The allocation of limited resources to satisfy unlimited wants.

  3. Macroeconomics • The study of the total economy • GNP • Inflation • Unemployment • Recession

  4. Microeconomics • Concerned with individual decision making • Budgeting • Lending • Accounting (Record Keeping) • Advertising • Marketing

  5. 4 Factors of Production • 1) Labor - physical talents • 2) Land - Natural Resources • 3) Capital - building, equipment, machinery, money • 4) Entrepreneurship - “the brains”

  6. Economic Terms that will make our conversations easier in here • 1) Good - “thing” that has value or may be exchanged for a price • 2) Opportunity Cost - The value of the alternative surrendered when a choice is made. • 3) Supply - the amount of a product that producers are willing to sell in the market at various condition • 4) Demand - the amount of a good that people are actually willing and able to buy given the prices and choices available.

  7. Law of Supply • The Law of Supply states that when the price of a product is lowered, with no change in other factors, less of the product will be supplied. • Factors that affect Supply?

  8. Law of Demand • The Law of Demand states that when the price of a product is increased with no change in other factors, less product will be purchased. • Factors that affect demand? • Size of population affects demand. • Tastes and preferences of consumers affects demand. • Income and distribution of wealth affects demand. • Relative prices of all goods and services affect demand.

  9. Relationship between supply and demand • A. Price is found at equilibrium, where the supply and demand curves intersect. • B. If demand curve shifts right, the price increases. • C. If supply curve shifts left, the price increases.

  10. Relationship between enterprises • Supplementary enterprises are those where one enterprise supplements the income of another. • 1. A sports stadium is often used for concerts. • 2. A lawn tractor can be used to move snow. • 3. Making a corn maze.

  11. Relationship between enterprises • Complementary enterprises are those where one enterprise produces the inputs for another. • 1. Soybeans used in rotation to leave nitrogen for corn. • 2. Tree trimming service may sell mulch.

  12. Relationship between enterprises • Competitive enterprises are those where one enterprise interferes with another. • 1. Enterprises competing for labor resources. • 2. Students who work so much that they do not have enough time to study. • 3. Corn and Soybeans

More Related