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UNDERSTANDING ECONOMIC SYSTEMS

Explore the basics of supply and demand, types of economies, resources, and advertising tactics in this interactive learning session. Discover how production, scarcity, and different types of resources impact our global economy.

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UNDERSTANDING ECONOMIC SYSTEMS

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  1. CH 1.3 UNDERSTANDING ECONOMIC SYSTEMS

  2. SUPPLY AND DEMAND • Lets read pages 19-21 together! • Demand: • Quantities of a good or service that consumers are willing to buy at various prices and time periods • Supply: • Quantities of a good or service that producers are willing to sell at various prices and time periods • Equilibrium price: • The price at which the quantity supplied exactly equals the quantity demanded of that product.

  3. Supply and demand graph

  4. CAREER SIMULATION

  5. ECONOMIC TERMS • PRODUCTION: • the creation of goods and services • RESOURCES: • The raw materials, labor, knowledge, and equipment used in production. • SCARCITY: • Consumers wants are greater than the resources available

  6. TYPES OF RESOURCES • Human • Efforts of humans that add value to products • Natural • Limited resources available on the planet • Capital • Financial or monetary resources invested to produce products

  7. TYPES OF ECONOMIES • Traditional: • Production is passed through generations • Tribes in remote areas • Command: • Government owned • Companies are told what to sell • Market (Capitalist) • People own the businesses • Purpose is to generate a profit • Here in the U.S. • Mixed • Combination of a Command & Market (China)

  8. CH 1.5 5 TYPES OF ADVERTISING

  9. BRAND ADVERTISING • More likely for consumers to remember and know the brand • Examples? Catchy jingles? Funny commercials? • Famous Athletes, celebrities? • Cost of brand advertising is a higher price for the product or service • Coca-cola spends more money on advertising than any other product in the world • Why does brand advertising raise the price?

  10. celebrities!

  11. Product placement • Putting brand name items in a movie for everyone to see!

  12. Product placement…. • How many items do you see?

  13. INFORMATIVE ADVERTISING • Consumers will buy the product based on what the product can do • (This is the correct way of consuming!!) • May include testimonial from satisfied costumers • Infomercials!

  14. http://www.youtube.com/watch?v=23zGquwJfbw&feature=related

  15. COMPARATIVE ADVERTISING • A comparison of one product to another (competitor) • Try to exploit the competitor’s weakness

  16. comparative advertising

  17. DEFENSIVE ADVERTISING • May be in response to a claim made by a competitor • The opposite of Comparative advertising • The wars between Pepsi and Coke in the 80’s

  18. PERSUASIVE ADVERTISING • Ads try to appeal to emotions of the consumer • Their product will make you happy, successful, popular, etc…

  19. Persuasive advertising

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