Econ 1.4

Understand what an economist does

​

Today's Objective

Understand what an economist does

​

​

​

​

Today's Objective

But First!!

​

​

​

​

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

Take it all in​

​

II Continued

 

           

A) Opportunity Cost - the value of

what you gave up

AKA the real cost​

​

B) Trade Off - giving up one thing to

get another​

​

II Continued           

A) Opportunity Cost - the value of

what you gave up

AKA the real cost​

​

B) Trade Off - giving up one thing to

get another​

​

III The Economist

A) Economist - Study decision

making, choices, producing and

    consuming.

 

 B) There are 2 levels on which

economics can be studied:

​

III The Economist​

A) Economist -

​

 B) There are 2 levels on which

economics can be studied:

​

1. Microeconomics​

​

III The Economist​

A) Economist -

​

 B) There are 2 levels on which

economics can be studied:

​

1. Microeconomics​ - study

how economy affects individuals

​

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 -

​

B) There are 2 levels on which

economics can be studied:

​

1. Microeconomics​ - study

how economy affects individuals

​

III The Economist​

A) Economist -

​

B) There are 2 levels on which

economics can be studied:

​

1. Microeconomics​

2 Macroeconomics - ​study of large

parts of the economy

​

III The Economist​

A) Economist -

 

 B) There are 2 levels on which

economics can be studied:

​

​

III The Economist​

Your Ticket out the Door is on the next slide

Google Forms: Sign-in

You can open this webpage in a new tab.

Copy link

Open in new tab