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Basic Economics Powerpoint
Transcript of Basic Economics Powerpoint
Amy Fivis, Lizzie Bedrick, Estelle Perrin
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
The increase in the amount of goods and services produced by an economy over time.
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.
The cost of an alternative that must be forgone in order to pursue an alternate opportunity.
Losing one aspect of something in return for gaining another aspect.
A consumer's preferences over some set of goods and services.
Explains the difference in the value of goods and services by reference to their lesser utility.
Production Possibilities Curve
Focuses on facts and cause-and-effect behavioral relationships to determine factors in the economy.
Expresses value judgements about economic fairness or what the economy ought to be like.
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.
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.
Tangible commodities that are produced and subsequently consumed by the consumer to satisfy his or her current wants.
Durable goods that are used in an economy's production of goods and services.
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.
An economic system in which decisions regarding production and investment are embodied in a plan formulated by a central government.
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.
An economic system that involves extensive agricultural production and otherwise falls outside the definitions of market and command economies.
Promotes productivity and drives a market economy.
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!