Economics
What is economics
The study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs
What is the stuff we must have to survive, generally: food, shelter, clothing.
Needs
How is time scarce?
Everybody has a limited amount of time.
What vocab word means that there are limited resources in the world.
Scarcity
Which QB had the most passing yards last year?
Patrick Mahomes (5250)
(Kirk was 4th with 4547)
What is stuff we would really like to have big screen TVs, jewelry, conveniences, etc?
Wants
What is the amount of pay a person gets over a year (especially for “professional” jobs).
Salary
What is work that is performed for others
Service
What's the difference between fixed and marginal costs?
Fixed is the same every month (rent)
variable cost can vary from month to month (labor/ raw materials)
Most streamed song 2022 (Spotify)
As it was - Harry Styles
What is Macroeconomics?
●The big picture: growth, employment, etc.
This includes choices made by large groups like countries
What is Microeconomics?
How do individuals make economic decisions
What is a tangible (you can touch it) products we can buy?
Good
What are the things used to make other goods?
Recources
Artist with the most streams in 2022 (Spotify)
Bad Bunny
What is goods and services are made by an individual, a company, or even a country
What are some examples of recourses that we "carry" all the time?
(Not from the land)
time, energy, money.
What does trade off means?
You can't have everything, so making decisions on what you need and want compared to what you can actually get.
Getting groceries instead of going out for a nice dinner.
What is an opportunity cost?
An opportunity cost is the value of the next best choice.
When you choose to do one thing, its value (how much it is worth) is measured by the value of the next best choice.
What is the most streamed tv show on Netflix last year?
Stranger things
What do we call these questions in economics?
●As a society (we) must figure out:
○WHAT to produce (make)
○HOW to Produce it (manufacture)
○FOR WHOM to Produce(who gets what)
The three economic questions
What is cost benefit analysis?
●is weighing the marginal costs vs.the marginal benefits of producing an item or making any economic decision.
○If the benefit outweighs the cost, then the company will do it.
What are the three parts of the Production process?
○Factors of Production – what we need to make goods and services.
○Producer – company that makes goods and/or delivers services.
○Consumer – people who buy goods and services.
What are the 4 factors of production?
Land, Labor, Capital, ENTREPRENEURSHIP
What was the highest grossing movie of 2023?
Way of Water