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What is Economics?

Global Economics 101
by

Daniel Kim

on 17 March 2016

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Transcript of What is Economics?

The study of how
What is Economics?
Global Economics
Mr. Kim

The study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants!
A Quick Definition
Economics IS....
So what does that exactly mean?
Let's break it down
fulfill their unlimited wants!
individuals, families, businesses, and societies
use limited resources to
Economics is...
This means Everyone you know! Any friends, family, stores, cities, and countries! Everyone is included in a Global Economy
Resources RUN OUT! Every individual in the world has to deal with this problem. Even Billionaires
People as a whole will always want an unlimited supply of things like...
EXAMPLE:
Mr. Kim
has
Limited Resources
But has
Unlimited Desires.....
or appetite
Scarcity is the idea that people do NOT have enough time or resources to satisfy their unlimited wants or needs.
Scarcity
Wants
Needs
MicroEconomics
MacroEconomics
Deals with the actions of smaller units like individual households or businesses
Families
Small Business
Schools
Union
Deals with the actions of larger units like governments and countries
United States
European Union
Apple co.
Microsoft
So we have wants and needs.
Why can't we just make an unlimited supply of Burritos, or luxury items?
Just like the video explained there are factors that LIMIT our ability to create things. These are the Factors of Production
Factors of Production
The Factors are...
Land
Land
is any natural resource that exists without human help
Labor
Something we desire but is not necessary for survival
Something we cannot survive without
Also known as "Human Resource,"
Labor
is any work people do that creates goods and services
Examples:
Examples:
Goods:
Services
Capital
Capital
is the use of manufactured goods to make and produce other goods and services
Examples:
Entrepreneurship
Entrepreneurship
is the ability of people to start businesses, make new products, and improve techniques
Examples:
Second Time
Economics is the study of how we buy and sell products and services!
To Review
Micro vs. Macro
Scarcity
Think Four
There are
two types of economies
. One that deals with
small units
like families, and one that deals with
large units
like governments.
People will always have
unlimited wants
, but
limited desires
There are
Four
things that effect our ability to make things.
Land
Labor
Capital
Entrepreneurship
(cc) photo by medhead on Flickr
Group 1
Group 2
Airplane Activity
What is an example of a resource you use that can run out?
So people always wanting more and more stuff...is this a positive or a negative in regards to our economy? Our society? Culture?
This limited resource/unlimited wants issue creates a
problem
, and it's called...
But when do needs turn into wants and desires?
Burberry Sneaker
$450.00 USD
GUCCI Sunglasses
$395.00 USD
Alligator Day Luxe Bag
by Barney's
$39,000.00 USD
Marilyn Monroe's Dress
1,267,500.00 USD
Any job. Any of them.
Full transcript