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Basic Economics Powerpoint

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by Amy Fivis on 26 November 2013

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Transcript of Basic Economics Powerpoint

Basic Economics
Amy Fivis, Lizzie Bedrick, Estelle Perrin
Production
Big Ideas
5 Basic Economic Questions
What goods and services will be produced?
How will they be produced?
For whom will they be produced?
How will the system accommodate change?
How will the system promote progress?
The Economizing Problem
The fundamental issue that arises for a society out of the relative scarcity of goods and services compared to the demand for them by consumers.
Circular Flow Model
Economic Growth
The increase in the amount of goods and services produced by an economy over time.
Resource
A commodity, service, or other asset, used to produce goods and services, that meets human needs and wants. Consists of land, labor, capital, and entrepreneurial ability.
Opportunity cost
The cost of an alternative that must be forgone in order to pursue an alternate opportunity.
Trade-off
Losing one aspect of something in return for gaining another aspect.
Utility
A consumer's preferences over some set of goods and services.
Marginalism
Explains the difference in the value of goods and services by reference to their lesser utility.
Production Possibilities Curve
Positive Economics
Focuses on facts and cause-and-effect behavioral relationships to determine factors in the economy.
Normative Economics
Expresses value judgements about economic fairness or what the economy ought to be like.
Inputs
Law of Increasing Opportunity Costs
The opportunity cost of producing a single unit of a good that generally increases as a society attempts to produce more of that good.
Specialization
The separation of tasks within a system that enables the accomplishment of otherwise unattainable goods.
Division of Labor
The specialization of cooperating individuals who perform specific tasks and roles.
Consumer Goods
Tangible commodities that are produced and subsequently consumed by the consumer to satisfy his or her current wants.
Capital Goods
Durable goods that are used in an economy's production of goods and services.
Economic Systems
Market Economy
An economic system in which decisions regarding investment, production, and distribution are based on supply and demand.
The Invisible Hand
Adam Smith's idea that describes the self-regulating behavior of the marketplace.
Command Economy
An economic system in which decisions regarding production and investment are embodied in a plan formulated by a central government.
Mixed Economy
An economic system in which both the state sector and the private sector direct the economy, reflecting characteristics of both market economies and command economies.
Traditional Economy
An economic system that involves extensive agricultural production and otherwise falls outside the definitions of market and command economies.
Competition
Promotes productivity and drives a market economy.
Instructions
There are two teams, one person from each team goes up at a time. We will read a definition, and the first person to run up and hit the correct word wins a point for his or her team. No helping your teammates; they have to figure it out for themselves! If you hit the wrong word, your team loses a point. The team with the most points in the end wins a prize!
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