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What is Economics?
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What is Economics?
The Economic Problems
What is Economics?
The study of how people use their scarce resources to satisfy their unlimited wants.
What is Economics?
Microeconomics
Microeconomics
The branch of economics that studies how people make decisions and how these decisions interact.
Macroeconomics
Macroeconomics
The branch of economics that is connected with overall ups and downs in the economy.
Guided Questions:
1. What images pop into your mind when you hear the word scarce? How does scarcity effect your wants?
Productive Resources
Productive resources, also called factors of production, or simply resources, sort into three broad categories: human resources, natural resources, and capital resources.
Productive Resources
Human Resources
Human Resources
- How many of you all have a job? If so where and what do you do?
- Do you consider your labor as a resource to your employer? How does your employer utilize your time and labor?
- Human resources are the broad category of human efforts, both physical and mental, used to produce goods and services.
Natural Resources
What resources do you think it took to make phones?
Natural Resources
Natural Resources are so-called "gifts of nature", including land, forest, minerals, oil reserves, bodies of water, and even animals.
Natrual Resources
Natural Resources can be divided into renewable resources and exhaustible resources:
- Renewable resource: can be used indefinitely (e.g. the air, rivers, soil, trees, etc.)
- Exhaustible resources: available in limited amounts (e.g. cobalt, coal, copper, gas, etc.)
Capital Resources
All human creations used to produce goods and services. Capital goods consist of factories, trucks, machines, tools, buildings, airports, highways, and other manufactured items employed to produce goods and services.
Capital goods include the oven used to bake pizza, the car of the pizza delivery person. Other examples include, a taxi driver's cab, a farmer workers tractor, and my classroom.
Guided Questions:
As we look around us, we see ample amounts of the productive resources land, labor, and capital. Entrepreneurship is not as easy to see, but there is plenty of it around us as well.
What are examples of productive resources you use in your life?
Goods and Services
The factors of production are used in a variety of ways to produce goods and services
Goods and Services
Goods!
Goods
A good is an item you can see, feel, and touch and that requires scarce resources to produce and satisfies human wants.
Examples include: Chipotle burrito bowl (yes, that's correct, a burrito inside a bowl. Its a science!); the chair you are sitting in, the clothes you are wearing, and your next meal are all goods.
Services!
Services
A service is something intangible that requires scarce resources to produce and satisfies wants.
Examples include: Movie theaters, concerts, hair cuts, phone calls, and the wonderful people who prepare my burrito bowls....Y'all the real MVP's!!!
Checkpoint!
Now that you know these terms, let’s see if we can use them to sort various resources into their factors of production:
Checkpoint!
Determine whether the following resources sort into Human Resources, Natural Resources, or Capital Goods:
- Doctor
- Bulldozer
- Tractor
- Farmer
- Factory worker
- Delivery Truck
- Teacher
- Factory
- Tree
- ATM machine
- Bushel of corn
- River
- Hair stylist
- Gold
- Barrel of oil
Exit Ticket!
Exit Ticket!
1. Identify each of the following as a human resource, natural resource, or capital resource:
a. the digital screen printing machine used to design your shirt
b. the cotton that was used to make your shirt
c. the effort used to place your shirt on the screen printing machine and design it