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Economics 101 - PowerPoint PPT Presentation


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Economics 101. Why Societies Have Economics. Trade = the exchange of goods and services Economics = the study of the production, consumption and distribution of resources Trade and Economics satisfy people’s needs and wants. Engaging in Economics.

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Presentation Transcript
why societies have economics
Why Societies Have Economics
  • Trade = the exchange of goods and services
  • Economics = the study of the production, consumption and distribution of resources
  • Trade and Economics satisfy people’s needs and wants
engaging in economics
Engaging in Economics
  • Producers = people who use resources to make goods and services
  • Consumers = people who buy and/or use goods and services to satisfy wants
  • Incentive = something that influences the behavior of people
factors of production
Factors of Production
  • Labor = includes time and energy (ex: using my time and energy to deliver SMART Boards)
  • Land = made up of the many natural resources that are needed to help produce goods and services (ex: gasoline for the truck)
  • Capital = anything produced in an economy that is used to produce other goods and services (ex: box cutters, Box Truck, boots)
opportunity cost
Opportunity Cost
  • Opportunity Cost = the highest valued benefit given up when a choice is made (ex: sitting in traffic vs. unemployment)
scarcity
Scarcity
  • Scarcity = the problem that resources are always limited compared with the number and variety of wants people have
supply and demand
Supply and Demand
  • Demand = the amount of a product or service that buyers are willing and able to consume at different prices.
  • Supply = the amount of a product that producers are willing and able to offer at different prices.