CHAPTER 1: WHAT IS ECONOMICS. GOODS VS. SERVICE GOODS: Tangible SERVICE: Professionals (Intangible)
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Transcript of CHAPTER 1: WHAT IS ECONOMICS. GOODS VS. SERVICE GOODS: Tangible SERVICE: Professionals (Intangible)
![Page 1: CHAPTER 1: WHAT IS ECONOMICS. GOODS VS. SERVICE GOODS: Tangible SERVICE: Professionals (Intangible)](https://reader035.fdocuments.in/reader035/viewer/2022062321/56649e8a5503460f94b8f39d/html5/thumbnails/1.jpg)
CHAPTER 1: WHAT IS ECONOMICS
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GOODS VS. SERVICE
GOODS: TangibleSERVICE: Professionals
(Intangible)
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CONSUMER VS. PRODUCERS
YOU!! Businesses!!
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WHAT IS A MARKET?
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WHAT IS VOLUNTARY EXCHANGE?
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FACTORS OF PRODUCTION
• NATURAL RESOURCES
• HUMAN RESOURCES
• CAPITAL RESOURCES
• ENTREPRENEURS
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SCARCITY
• EVERYTHING IS SCARCE!!
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OPPORTUNITY COSTS
• WHAT ARE YOU WILLING TO GIVE UP?• WHAT ARE YOU MISSING OUT ON?
OR
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TRADE-OFF
• LET’S MAKE A DEAL! I WANT EVERYTHING!
AND
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MARGINAL COSTS AND BENEFITS
• MARGINAL=ADDITIONAL
• LET’S GET A JOB IN MADISON—GAS $4.09
• LET’S GET A JOB IN BRANDON—GAS $4.09
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PROFIT: HOW DO YOU GET IT?
• TOTAL REVENUE – TOTAL COST = PROFIT
• HOW MUCH MINUS HOW MUCHYOU MAKE YOU SPEND
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QUESTIONS, WHAT QUESTIONS??
• THREE KEY ECONOMIC QUESTIONS: HOW WE RUN OUR ECONOMY!
• WHAT, HOW, WHO??
• WHAT GOODS/SERVICES SHOULD WE PRODUCE?• HOW ARE WE GOING TO PRODUCE
GOODS/SERVICES?• WHO WILL CONSUME THESE GOODS/SERVICES
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TYPES OF ECONOMICS
• MICROECONOMICS: SINGLE INDIVIDUALS• HOW MUCH WILL YOU PAY FOR A TICKET?• DO WE TAKE A VACATION THIS YEAR?• SHOULD WE BUY A NEW IPAD?
• MACROECONOMICS: ECONOMY AS A WHOLE• “BIG PICTURE”• WHAT ARE TICKETS GOING FOR TODAY?• HOW MANY ARE UNEMPLOYED?• HOW HAS THE NATION’S TOTAL INCOME CHANGED?