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I. UNIT I. A. The Nature and Methods of Economics. and the Economizing Problem. 1. Scarcity. 2. Opportunity Cost. 3. The inevitability and. consequences of resource. scarcity. 4. Three of the economic goals. amplified. a. Efficiency. 1. Allocative efficiency.

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slide1

I. UNIT I

A. The Nature and Methods of Economics

and the Economizing Problem

1. Scarcity

2. Opportunity Cost

3. The inevitability and

consequences of resource

scarcity

4. Three of the economic goals

amplified

a. Efficiency

1. Allocative efficiency

2. Technical efficiency

b. Equitable distribution of income

slide2

Allocative Efficiency

-----producing that combination of

goods and services

................which maximizes society's

satisfaction.

................which society prefers.

Society cannot minimize costs without

both kinds of efficiency. What does

this kind of efficiency have to do with

cost?

slide3

Wheat crumbies/year Rice Krispees/year

Tons Tons

0 4

1 3

2 2

3 1

4 0

slide5

MORE PREFERRED

LESS PREFERRED

Wheat crumbies/year Rice Krispees/year

Tons Tons

0 4

4 0

slide6

Option A Option B

Watch football Visit sick friend in

game on TV hospital

home

slide7

Option A Option B

Watch football Visit sick friend in

game on TV hospital

home

Cost of = Value placed on

slide8

Option A Option B

Watch football Visit sick friend in

game on TV hospital

home

Cost of = Value placed on

Value placed = Cost of

on

slide9

Option A Option B

Pay taxes Don't pay taxes

slide10

Option A Option B

Pay taxes: Don't pay taxes

stay out of

jail

slide11

Option A Option B

Pay taxes: Don't pay taxes

stay out of

jail

Go to work Don't go to work

slide12

Option A Option B

Pay taxes: Don't pay taxes

Stay out of

jail

Go to work: Don't go to work

be able to

eat, stay

warm, etc.

slide13

Option A Option B

Go straight Veer right-- pick

off Rouch

slide14

Option A Option B

Go straight Veer right-- pick

off Rouch

Cost to you of B (assuming no laws)

is value you place on A

slide15

Option A Option B

Go straight Veer right-- pick

off Rouch

Cost to you of B (assuming no laws)

is value you place on A

Cost to society of B is value you

place on A + value I place on you

choosing A + value my wife places

on you choosing A, etc.

slide16

Option A Option B

Go straight: Veer right-- pick

stay out of

off Rouch

jail