Loading presentation...

Present Remotely

Send the link below via email or IM

Copy

Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.

DeleteCancel

Make your likes visible on Facebook?

Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.

No, thanks

Economics

unit 1
by

Ann Bamonti

on 26 January 2017

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Economics

Economics
is the study of how governments, businesses, and individuals make choices about how to use their scarce resources to satisfy their unlimited wants and needs.
social science
macroeconomics
microeconomics
Everything is limited in quantity
Factors of production
1. Land
2. Labor
3. Capital
4. Entreprenuership
Trade-offs
Opportunity Costs
Goods and services
Consumers and producers
Value, utility and wealth
productivity and growth
Specialization
Division of labor
Human capital
Interdependence
Three Basic Questions of Economics
1. What to produce?
2. How to produce?
3. For whom to produce?
Three Types of Economies
1. Traditional
2. Command
3. Market
Types of Market Systems
1. Communism
2. Socialism
3. Capitalism
Free Enterprise (capitalism)
1. Voluntary exchange
2. Economic freedom
3. Private property
4. Profit motive
5. Competition
ADAM SMITH
Goals of the US Economy
1. Economic Freedom
2. Economic Efficiency
3. Economic Equity
4. Economic Security
5. Economic Growth

Production Possibilities Frontier
http://www.investopedia.com/video/play/adam-smith-father-economics/
Advantages of Free Market
Efficient response
to changing marketplace conditions
Freedom of choice
for consumers and producers
Variety
of G/S
Growth
and innovation
Wealth of Nations 1776
Father of Capitalism
Lassiez-faire
Self-interest (profit motive)
Competition (efficiency)
Invisible Hand
Full transcript