Unit 1 & 2: Foundations in Economics/ Macroeconomics

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Text of Unit 1 & 2: Foundations in Economics/ Macroeconomics

  • Unit 1 & 2:Foundations in Economics/Macroeconomics

  • $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500Getting StartedEconomic SystemsSupply and DemandIts Human NatureSurplusfinal

  • $100 Getting StartedThe resources used to make goods and services are called this

  • $100 Getting StartedWhat are factors of productionLand Labor Capital

  • $200 Getting StartedOil, engineers, and drillsIncome, workers, & moneyOrFarmers, importers and exporters

    Which of the above sets include the 3 factors of production?

  • $200 Getting StartedWhat is oil (land)Engineers (labor) and Drills (capital)

  • $300 Getting StartedResources in any society are scarce so a society must make this decision first

  • $300 Getting StartedWhat is make choices how to use their resources

  • $400 Getting StartedThe amount of money they haveThe quality and quantity of land, labor, and capital resourcesor3. Exchange rates of currency

    Which of the above limits an economys potential output?

  • $400 Getting StartedWhat is the quality and quantity of land, labor, and capital resources

  • $500 Getting StartedThe price of burgers doubled and the price of tacos stayed the same, how would people respond?

  • $500 Getting StartedWhat is buy more tacos and less burger?

  • $100 Economic SystemsAn advantage of this type of market system is that it offers the greatest variety of goods and services to the consumer

  • $100 Economic SystemsWhat is a FREE market system

  • $200 Economic SystemsThe Unites States economy is best described as this

  • $200 Economic SystemsWhat is a Mixed Market

  • $300 Economic SystemsIn economics, this term refers to when assets owned by the governments are sold to individuals or business

  • $300 Economic SystemsWhat is Privatization

  • $400 Economic Systems In a market economy, people act in self interest depending on the individuals particular wantsthis helps public interest because it does this to the markets

  • $400 Economic SystemsWhat is make them competitive with a variety of product

  • $500 Economic Systems In this kind of market system the Government decides how to allocate resources

  • $500 Economic Systems What is a Command system (Centrally planned)

  • $100 Supply and DemandThe price of products in a competitive market are determined by these two factors

  • $100 Supply and DemandWhat is Supply and Demand

  • $200 Supply and Demand

    As the price of an item increases, what happens to the quantity demanded?

  • $200 Supply and DemandWhat is demand decreases

  • $300Supply and Demand The quantity of a good or service a producer is willing and able to produce at different possible prices

  • $300 Chart Toppers What is Supply

  • $400 Supply and DemandWhat has occurred to market price and quantity in the graph?D0-Original Demand D1-New Demand

  • $400 Supply and DemandPrice increased and quantity increased

  • DAILY DOUBLE

  • $500 Supply and DemandIf demand for MKS Studios music recording time increases, what impact will this have on wages and number of workers employed at MKS Studios?

  • $500 Supply and DemandWhat is an increase in wages and number of employed

  • $100 Its Human NatureThis is how consumers make their desires known to the governmentAnd this is how they make their desires known to businesses(2 part answer)

  • $100 Its Human Nature

    What is by voting and buying

  • $200 Its Human Nature

    The economic system where people trade for the goods they need or want is called this

  • $200 Its Human NatureWhat is a Free Market system

  • $300 Its Human NatureEntrepreneurs take the risk of ownership in the pursuit of this

  • $300 Its Human NatureWhat is Profits ($$$)

  • $400 Its Human Nature

    Where are consumers most likely going to spend their money?

  • $400 Its Human NatureWhat is to satisfy specific needs and wants

  • $500 Its Human NatureYou Buy a 50 inch Plasma HDTVWhat is your OPPORTUNITY COST

  • $500 Its Human Nature

    What is other goods and services given up to buy the TV

  • $100 SurplusIn the United States these 3 groups decide what goods and services should be produced

  • $100 SurplusProducers, Consumers and Government

  • $200 SurplusWhen peoples wants and needs exceed the resources available you get this

  • $200 SurplusWhat is scarcity

  • $300 SurplusThis is what you call a person who starts a business

  • $300 SurplusWhat is an entrepreneur

  • $400 SurplusBenefits to older citizens, surviving family members, and people with certain disabilities are provided by this government agency

  • $400 Surplus grab

    What is Social Security

  • DAILY DOUBLE

  • $500 Surplus

    In the market for CDs, what will happen to price and quantity if both of the following occur? Large numbers of individuals download music illegally. Technological advances reduce the cost of producing a music CD.

  • $500 Surplus

    What is price decreases and quantity decreases?

  • Competition

  • Safeway recently found itself in competition with a newly built Walmart Super Center. The new competition will most likely result in Safeway offering(Price and Quality)

  • Lower prices and higher quality