Econ 1.4

Understand what an economist does

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Today's Objective

Understand what an economist does

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Today's Objective

But First!!

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Multiple Choice

The shovel represent which of the four categories of resource?

• Land

• Labor

• Capital

• Entrepreneurship

Multiple Choice

The dirt at the farmer's feet represent which of the four categories of resource?

• Land

• Labor

• Capital

• Entrepreneurship

Multiple Choice

Which category of resource is NOT represented in this picture?

• Land

• Labor

• Capital

• Entrepreneurship

Fill in the Blanks

Economics is a

Science because values are involved.

Take it all in​

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II Continued

 

           

Fill in the Blanks

What does it cost to bring his dog for a walk?

$

A) Opportunity Cost - the value of

what you gave up

AKA the real cost​

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B) Trade Off - giving up one thing to

get another​

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II Continued           

A) Opportunity Cost - the value of

what you gave up

AKA the real cost​

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B) Trade Off - giving up one thing to

get another​

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III The Economist

A) Economist - Study decision

making, choices, producing and

    consuming.

 

 B) There are 2 levels on which

economics can be studied:

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III The Economist​

Fill in the Blanks

_____manage

_____scope

_____wave

____economics

A) Economist -

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 B) There are 2 levels on which

economics can be studied:

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1. Microeconomics​

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III The Economist​

A) Economist -

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 B) There are 2 levels on which

economics can be studied:

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1. Microeconomics​ - study

how economy affects individuals

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III The Economist​

Multiple Choice

Brain Buster: We studied this picture in 10th grade when we learned about "the Invisible Hand"

Who came up with the idea that an Invisible Hand will guide the Economy?

• John Locke

• Karl Marx

• Adam Smith

• Nelson Mandela

A) Economist -

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B) There are 2 levels on which

economics can be studied:

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1. Microeconomics​ - study

how economy affects individuals

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III The Economist​

A) Economist -

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B) There are 2 levels on which

economics can be studied:

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1. Microeconomics​

2 Macroeconomics - ​study of large

parts of the economy

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III The Economist​

A) Economist -

 

 B) There are 2 levels on which

economics can be studied:

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III The Economist​

Your Ticket out the Door is on the next slide

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