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What is Economics?
Transcript of What is Economics?
What is Economics?
The study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants!
A Quick Definition
So what does that exactly mean?
Let's break it down
fulfill their unlimited wants!
individuals, families, businesses, and societies
use limited resources to
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...
Scarcity is the idea that people do NOT have enough time or resources to satisfy their unlimited wants or needs.
Deals with the actions of smaller units like individual households or businesses
Deals with the actions of larger units like governments and countries
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...
is any natural resource that exists without human help
Something we desire but is not necessary for survival
Something we cannot survive without
Also known as "Human Resource,"
is any work people do that creates goods and services
is the use of manufactured goods to make and produce other goods and services
is the ability of people to start businesses, make new products, and improve techniques
Economics is the study of how we buy and sell products and services!
Micro vs. Macro
two types of economies
. One that deals with
like families, and one that deals with
People will always have
things that effect our ability to make things.
(cc) photo by medhead on Flickr
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
, and it's called...
But when do needs turn into wants and desires?
Alligator Day Luxe Bag
Marilyn Monroe's Dress
Any job. Any of them.