Economics Introduction

Economics Introduction

What is Economics?

Economics is defined as...

• (a) describes and analyzes choices about the way goods and services are produced, distributed, and consumed, and (b) assesses the consequences of those choices.

Examples of Economics

• Buying goods which give the highest satisfaction for the price. 

• Supply and Demand

• Goods and Services

• Selling things

• How countries trade their goods, services, and resources.

• Producing things

• Buying goods

Open Ended

Can you think of any other examples of Economics?

Economic Activates

• Economic Activities is the production of goods and services.

• Economic Activity are divided into 4 sectors: The Primary, Secondary, and Tertiary Sectors.

• The primary sector involves taking raw materials from the soil or water.

• The secondary sector involves using raw materials to manufacture products.

• The tertiary sector includes services.

Economic Activity Illustration

Open Ended

Which sector do you see around where we live? Primary, Secondary, or Tertiary?

Multiple Choice

Which sector deals with using raw materials to manufacture products?

• Primary

• Secondary

• Tertiary

Multiple Choice

Which sector involves taking raw materials from the soil or water?

• Primary

• Secondary

• Tertiary

Multiple Choice

What sector includes services?

• Primary

• Secondary

• Tertiary

Factors of Production

• Geographers study where economic activity occurs and how this activity is connected around the world.

• A country is likely to have a strong economy if they have all four factors of production:

• (*) Land

• (*) Labor

• (*) Capital- a country's wealth and infrastructure.

• (*) Entrepreneurship- the creativity and risk needed to develop new goods and services.

Open Ended

How do you guys believe that the world is connected together when looking at economics?

_{Economic Systems- These are the ways in which countries organize the production of goods and services.}

• Traditional Economy- People trade goods and services without money.

• Free Enterprise Economy (Also known as market economy or capitalism)- Privately owned businesses create goods that people buy in market.

• Command Economy- The government owns most parts of the economy and decides what will be produced and sold.

• Mixed Economy- has elements of a free enterprise and command economy

Multiple Choice

Which type of economic system does the United States have?

• Free Enterprise Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Multiple Choice

Which economic system that we have gone over talks about how the government owns most parts of the economy and decides what will be produced and sold?

• Traditional

• Mixed

• Free Enterprise

• Command

Poll

Which economy do you think might work the best?

• Command

• Free Enterprise

• Mixed

• Traditional

Economic Indicators-How the strength of a country's economy can be measured by several indicators.

• Gross Domestic Product-The value of total goods and services a country produces.

• GDP PER CAPITA- The value of products that a country produces per person

• Literacy rate-The percentage of population aged 15 years and over who can both read and write with understanding a short simple statement on his/her everyday life.

• Income-money received, especially on a regular basis, for work or through investments.

• Life Expectancy-the average period that a person may expect to live.

Economies fall into one of two categories:

• More Developed Countries- Countries with High GDP'S, and these countries have most of their economic activity fall into the Tertiary sector.

• Less Developed Countries- Countries with low GDP'S and most of their activity fall into the primary or secondary sector of economic activity.

Multiple Choice

Do you believe that the United States is a more developed country or a less developed country?

• More developed

• Less developed

Open Ended

Is there anything that you are still having trouble understanding that you would like to share with everyone so that we can go back over?

That's all everyone! you can go work on the exit ticket now! BYE!

Have a great day!