Economic
This presentation is the property of its rightful owner.
Sponsored Links
1 / 19

ECONOMIC$ PowerPoint PPT Presentation


  • 106 Views
  • Uploaded on
  • Presentation posted in: General

ECONOMIC$. Studying how people use their resources. Average Salary based on Education. Jack and Jill. Jack and Jill live on an island. Everything on their island is an asset. Asset —Something that can be used by people for a purpose .

Download Presentation

ECONOMIC$

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Economic

ECONOMIC$

Studying how people use their resources


Average salary based on education

Average Salary based on Education


Jack and jill

Jack and Jill

  • Jack and Jill live on an island. Everything on their island is an asset.

  • Asset—Something that can be used by people for a purpose


Economic

  • In order to improve their standard of living Jack and Jill decide to do different jobs.

  • Standard of Living—The level of comfort in everyday life


Economic

  • Jill demands firewood, because she doesn’t like to work hard (It messes up her nails)Jack agrees to supply firewood.

  • Demand—the amount of an asset people want

  • Supply—the amount of assets available


Economic

  • Jack demands new clothes, because he ruins all of his cutting firewood. Jill agrees to supply clothes.

  • Demand—the amount of an asset people want

  • Supply—the amount of assets available


Economic

  • Jack and Jill begin to trade with each other.

    Trade--Exchanging assets for shared benefit


Economic

  • Jack and Jill discover that Ringo and Paul also live on their island.Ringo starts to catch fish and Paul starts to cook Ringo’s fish.


Economic

  • Everyone on the island’s standard of living goes up more.


Economic

  • Jack demands some of Paul’s cooked fish, but Paul doesn’t demand Jack’s firewood.Ringo demands some of Jack’s firewood, but Jack doesn’t demand raw fish.


Economic

  • Everyone agrees to start using sea-shells as currency.

    Currency—A commonly valued asset used to trade


Economic

  • Now everyone can trade, and the standard of living goes up for everyone.


Economic

  • Jack cuts a lot of firewood.  The supply of firewood is high.  Only Ringodemands Jack’s firewood.  The demand is low.  Jack only gets one seashell for a stack of firewood.


Economic

  • Jill makes a really nice shirt.  Everyone demands Jill’s nice shirt.  The demand is high.  There is only one shirt.  The supply is low.  Nice shirts are very scarce.  Ringo, Jack, and Paul bid against each other for the nice shirt.  Jill ends up selling the shirt for 25 sea-shells..

    Scarcity—How much or little of an asset there is. The more scarce (low supply), the higher the price.


Market economy people are free to trade goods as they choose

Market Economy-People are free to trade goods as they choose.


Command economy

Command Economy

  • John moves to the island.  John declares he is now the dictator of the island.  John makes Jack get coconuts, Ringo now gets the firewood, and Paul and Jill are forced to start building a new house for John.  Nobody gets to choose what they do.  They now live in a command economy.


Command economy the government controls everything that the people make and what they have to make

Command Economy-The government controls everything that the people make and what they have to make.


Economic

  • Write 2 paragraphs explaining how the Hunger Games relates to the discussion of governments and economies.


  • Login