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Economic Terms - PowerPoint PPT Presentation


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Economic Terms. There are some basic economic terms that we need to be aware of before we can learn about the economy. Wants. Things we desire to have. Goods. Physical products. Services. Products you can’t touch. Scarcity. The result of an inability to satisfy all of everyone’s wants

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Presentation Transcript
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There are some basic economic terms that we need to be aware of before we can learn about the economy.
wants
Wants

Things we desire to have

goods
Goods

Physical products

services
Services

Products you can’t touch

scarcity
Scarcity

The result of an inability to satisfy all of everyone’s wants

EVERYTHING IS SCARCE

choices
Choices
  • We can’t have everything we want
  • Therefore, we must choose what we get
opportunity costs
Opportunity Costs

The best alternative given up when making a decision

rationing device
Rationing Device

A means for deciding who gets what portion of the available goods and services

economics
Economics

Studies the choices of people trying to satisfy their wants in a world of scarcity

exchanging
Exchanging

Giving one thing for another (e.g. $ for food)

market
Market

Whenever and wherever people voluntarily make exchanges with one another

trade offs
Trade-offs

Giving up some of one thing in order to get more of another

unintended effects
Unintended Effects
  • Taking action to solve one problem results in something unrelated to occur.
  • Example: raising the price on a pair of shoes to earn more money and ending up selling fewer shoes and actually losing money
global economy
Global Economy

Economic actions taken anywhere in the world may affect an individual’s standard of living

microeconomics
Microeconomics

Studies the individual or a single business in the economy

macroeconomics
Macroeconomics

Studies the economy as a whole

factors of production
Factors of Production
  • Natural resources
  • Human resources
  • Capital
  • Entrepeneurship
economic questions
Economic Questions
  • What goods will be produced?
  • How will the goods be produced?
  • For whom will the goods be produced?
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