economics. what is economics? quickly jot down three decisions that you have made in the last 24...

EconomicsEconomics

What is Economics?What is Economics?

Quickly jot down three decisions Quickly jot down three decisions that you have made in the last that you have made in the last 24 hours.24 hours.

For each decision, list two For each decision, list two choices you decided against choices you decided against when you made the decision.when you made the decision.

ScarcityScarcity

What comes to mind when you What comes to mind when you hear the word “scarce”? hear the word “scarce”?

What items do you think are What items do you think are scarce?scarce?

Opportunity CostOpportunity Cost

Identify 5 appealing vacation Identify 5 appealing vacation destinations.destinations.

At the table, you must all agree At the table, you must all agree on one of the 5. Be prepared to on one of the 5. Be prepared to discuss your choices and what discuss your choices and what you had to give up by choosing you had to give up by choosing one vacation over the others.one vacation over the others.

Economic SystemsEconomic Systems

Economic Systems

Traditional MixedMarketCentrally Planned

The Free MarketThe Free Market

What does “self-interest” mean What does “self-interest” mean to you?to you?

How is self interest connected to How is self interest connected to the concept of free market?the concept of free market?

Centrally Planned EconomyCentrally Planned Economy

Imagine that you are a worker Imagine that you are a worker with a guaranteed job for life. with a guaranteed job for life. The government tells you what The government tells you what to produce, how much to to produce, how much to produce, when to produce. produce, when to produce.

How committed would you be to How committed would you be to produce with efficiency, quality produce with efficiency, quality or innovation?or innovation?

Benefits of Free EnterpriseBenefits of Free Enterprise

What does the “land of What does the “land of Opportunity” mean? Opportunity” mean?

Can you give any examples of Can you give any examples of people that you know who people that you know who started a small business?started a small business?

Providing Public GoodsProviding Public Goods

Do people share willingly?Do people share willingly?

Are people obligated to share Are people obligated to share their resources with people who their resources with people who have need?have need?

Safety NetSafety Net

What is poverty?What is poverty?

How does poverty affect a whole How does poverty affect a whole society?society?

Is it the governments job to try Is it the governments job to try to end poverty?to end poverty?

UnemploymentUnemployment

What do you think of when you What do you think of when you see the word “unemployment”?see the word “unemployment”?

What are some reasons why What are some reasons why people are unemployed?people are unemployed?

PovertyPoverty

What is poverty?What is poverty?

What are some of the reasons What are some of the reasons for poverty?for poverty?

What words do you associate What words do you associate with the concept of poverty?with the concept of poverty?

DemandDemand

What is the most important thing What is the most important thing that you think about when you that you think about when you are considering buying are considering buying something?something?

Shifts in DemandShifts in Demand

What would happen to the sales What would happen to the sales of a particular type of car if the of a particular type of car if the car producers announced that car producers announced that its new engine emitted no its new engine emitted no pollution, was more powerful pollution, was more powerful than previous engines, and than previous engines, and would cost the same?would cost the same?

Elasticity of DemandElasticity of Demand

What are 5 products that you What are 5 products that you cannot live without.cannot live without.

Would your list change if the Would your list change if the price of each product doubled or price of each product doubled or tripled or even quadrupled.tripled or even quadrupled.

SupplySupply

Imagine that you own a factory Imagine that you own a factory that produces sunglasses and that produces sunglasses and the price of sunglasses begins the price of sunglasses begins to rise rapidly. to rise rapidly.

Would you produce more Would you produce more sunglasses, less sunglasses, or sunglasses, less sunglasses, or the same number as before the the same number as before the price increase? Why?price increase? Why?

Costs of ProductionCosts of Production

How do the managers of fast How do the managers of fast food restrants know how much food restrants know how much food to produce on a given day?food to produce on a given day?

What would happen to the What would happen to the owners profits if the resturant owners profits if the resturant produced too much or too little produced too much or too little food? food?

Changes in SupplyChanges in Supply

How would an artist react if the How would an artist react if the price of oil paints skyrocketed? price of oil paints skyrocketed?

Combining Supply and Combining Supply and Demand: EquilibriumDemand: Equilibrium

Can you list examples of items Can you list examples of items that have undergone price that have undergone price changes in the past 6 months? changes in the past 6 months?

Why do you think the prices Why do you think the prices changed?changed?

Perfect CompetitionPerfect Competition

CompetitionCompetition

How do you face competition in How do you face competition in your daily lives?your daily lives?

How do you think competition How do you think competition applies to economics?applies to economics?

Regulation and DeregulationRegulation and Deregulation

How does the government How does the government regulates aspects of your lives? regulates aspects of your lives?

Why does the government Why does the government create regulations?create regulations?

Labor Market TrendsLabor Market Trends

Why has their been a movement Why has their been a movement of U.S. manufacturing jobs to of U.S. manufacturing jobs to other countries?other countries?

Labor and WagesLabor and Wages

Do you think that it is fair or Do you think that it is fair or unfair that there is such a unfair that there is such a disparity in the wages and disparity in the wages and salaries that individuals earn for salaries that individuals earn for the various kinds of work that the various kinds of work that they do?they do?

Sole ProprietorshipsSole Proprietorships

Have you ever been paid for Have you ever been paid for performing a service such as lawn performing a service such as lawn mowing, baby sitting, or caring for a mowing, baby sitting, or caring for a neighbors pets while they were on neighbors pets while they were on vacation?vacation?

If so, did you get to keep all of the If so, did you get to keep all of the money that you earned or did you money that you earned or did you have to give a portion of it to have to give a portion of it to someone else?someone else?

PartnershipsPartnerships

Have you ever worked with a Have you ever worked with a partner on a school project? partner on a school project?

Was this a good experience or Was this a good experience or bad experience? Explain your bad experience? Explain your answer.answer.

Bonds and Other Financial Bonds and Other Financial AssetsAssets

What does the phrase “My word What does the phrase “My word is my bond” mean?is my bond” mean?