What Is Economics

What is Economics? Section 1: How Economic Systems work Mr. Gibbs Spring 2009

Economic Choices ,[object Object],[object Object],[object Object],[object Object],[object Object]

Needs vs. Wants ,[object Object],[object Object],[object Object],[object Object]

Economics: a Defintion ,[object Object],[object Object],[object Object],[object Object]

Microeconomics ,[object Object],[object Object],[object Object]

MACROeconomics ,[object Object],[object Object]

Micro and Macro ,[object Object],[object Object]

Economic System ,[object Object]

FREE ENTERPISE CAPITALISM ,[object Object]

The Problem of Scarcity ,[object Object],[object Object]

Human Resources ,[object Object],[object Object]

Scarcity and the Need to Choose ,[object Object],[object Object],[object Object]

People Have Limited Resources as well…. ,[object Object]

What to Produce?!?!?!?! ,[object Object],[object Object],[object Object]

HOW TO PRODUCE ,[object Object],[object Object],Guy #1: We need oil. Guy # 2: Cool. Guy # 1: How do we get it. Guy # 2: Drill in Alaska. Guy # 1: Can’t. It is environmentally protected. Guy #2: Okay. Let’s buy it from the Saudis. Guy # 1: Can’t. Too much dependence on foreign oil. Funding terrorists. Guy #2: Okay. Lets drill off shore in the Gulf of Mexico. Guy # 1: Grey Area. Waiting to hear from Obama. Guy # 2: What about Alaska? We could Drill there. Guy # 1: …

For WHOM to Produce?!?!?! ,[object Object],[object Object],[object Object],[object Object]

What Is Economics

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