A good way to take notes: Fold your notebook paper to make columns or draw lines and create columns...
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Transcript of A good way to take notes: Fold your notebook paper to make columns or draw lines and create columns...
![Page 1: A good way to take notes: Fold your notebook paper to make columns or draw lines and create columns Topic Sub Topic/ vocab Details.](https://reader030.fdocuments.in/reader030/viewer/2022020417/5697c0261a28abf838cd5d1a/html5/thumbnails/1.jpg)
A good way to take notes: Fold your notebook paper to make columns or draw lines and create columns
Topic
Sub Topic/vocab
Details
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Like this > Viral Illnesses
Flu Blah, blah, blah
Colds Blah, blah, blah
Blah, blah, blah
Viral pnemonia
Blah, blah, blah
Bacterial illnesses
Term details
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https://www.youtube.com/watch?v=EM_p1Az05Jo
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Topic: Introduction to Economics Notes
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What is
Economics?
A.The study of how people seek to satisfy their needs and wants by making choices
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What is Economic
s?
A. The study of how people seek to satisfy their needs and wants by making choices
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Why do
choices have to be
made?
B. Scarcity of resources is the basis of economics; the basic economic problem
leads to a shortage of goods and services
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The Basics
C.ScarcityPermanent problem we must face with ALL FACTORS OF PRODUCTION
D.ShortageTemporary
situation we can find new /recover FACTORS OF PRODUCTION
Arable Land
Scarce
Drought
Shortage
Housing
Shortage
Potable Water
Scarce
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Factors of
Production
E.Land- materials found in nature
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Factors of
Production
F. Labor- effort a person devotes to a task AND is paid
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G.Capital: human made resources used to produce other goods or services Human Capital: special training that makes you “special” economically
Physical Capital: a good that helps you produce other goods OR services
Technology: advances in the process to make a good or service
Why is this beneficial?
Factors of
Production
Doctor
HUMAN CAPITAL
Farming Equipment
Physical Capital
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Factors of Productio
n
H.Entrepreneur(ship): people who take the risk to combine land, labor, and capital to create NEW goods and services
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Trade Off(s)
I. all of the alternatives (choices) given when a choice is made. The final decision includes weighing the costs and the benefits of each choice.EX: What are you doing tonight?
Go to the movies
Read a book
Go out to diner
STUDY FOR ECONOMICS QUIZ
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Opportunity Cost
J.the BEST or MOST valued alternative that is GIVEN UP when a choice is made
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Create the headings ELLC (write out words) and categorize
pine trees a restaurant cook
Les Alexander (Rockets owner)
Nails & hammer teacher chain saw
plastic desk natural gas farmer
rubber
pasture telephone
Nolan Ryan (former Astros Pitcher)
textbook insurance agent
Bill Gates lignite coal robot doctor
computer
oil
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Land Labor Capital
Entrep.
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What does the study of economics entail?
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Eco Lit quiz- Use the Graduation Trip page from Monday