What is Economics?. All societies have access to a limited quantity of resources that can be used to...
-
Upload
iris-fisher -
Category
Documents
-
view
219 -
download
0
Transcript of What is Economics?. All societies have access to a limited quantity of resources that can be used to...
What is Economics?
All societies have access to a limited quantity of resources that can be used to produce goods and services with which to satisfy
people’s wants.
Reality #1
In every society, people’s wants for the goods and services produced by these resources
seem to be greater than what can possibly be produced.
Reality #2
The Big Problem…Why we need the subject of Why we need the subject of economics…economics…
ScarcityScarcity:
limited quantity of resources to meet unlimited wants
What is Economics?
Economics is the study of how people seek to satisfy their needs and wants by making choices.
Why study Economics?
• As "The Queen of the Social Sciences“ an economics education develops logical, analytical and critical thinking skills through the use of economic theory, math and philosophy. • Economics is also referred to as a "Jack (or Jill) of all trades" education because its subjects
cross so many disciplinary boundaries.
• Economics essentially combines Social Studies, Math/Physics and English as modes of learning. If you enjoy solving problems, reading about current events and writing about them, then economics might be for you.
• Economics provides a logical way of looking at a variety of problemsproblems…
Money is the barometer of a society's virtue…
The lack of money is the root of all evil.Mark Twain
Money won't create success, the freedom to make it will.Nelson Mandela
He that is of the opinion money will do everything may well be suspected of doing everything for money.Benjamin Franklin
There are people who have money and people who are rich.Coco Chanel
I'd like to live as a poor man with lots of money.Pablo Picasso
How do we, or should we, define Economics?
Economics is the study of how people seek to satisfy their needs and wants by making choices.
Economics
Economic values determine the way in which societies approach and ultimately seek to address the problems at the core of economics
3 Basic Economic Questions
What will be produced?
How will it be produced?
For whom is it produced?
Economic Systems
1. Market
2. Command
3. Traditional 3 different approaches emerge…
market command
When the political spectrum and the economic spectrum intersect…
democratic autocratic
market
command