What is Economics?. All societies have access to a limited quantity of resources that can be used to produce goods and services with which to satisfy.

What is Economics?

All societies have access to a limited quantity of resources that can be used to produce goods and services with which to satisfy

people’s wants.

Reality #1

In every society, people’s wants for the goods and services produced by these resources

seem to be greater than what can possibly be produced.

Reality #2

The Big Problem…Why we need the subject of Why we need the subject of economics…economics…

ScarcityScarcity:

limited quantity of resources to meet unlimited wants

What is Economics?

Economics is the study of how people seek to satisfy their needs and wants by making choices.

Why study Economics?

• As "The Queen of the Social Sciences“ an economics education develops logical, analytical and critical thinking skills through the use of economic theory, math and philosophy. • Economics is also referred to as a "Jack (or Jill) of all trades" education because its subjects

cross so many disciplinary boundaries. 

• Economics essentially combines Social Studies, Math/Physics and English as modes of learning.  If you enjoy solving problems, reading about current events and writing about them, then economics might be for you. 

• Economics provides a logical way of looking at a variety of problemsproblems…

Money is the barometer of a society's virtue…

The lack of money is the root of all evil.Mark Twain

Money won't create success, the freedom to make it will.Nelson Mandela

He that is of the opinion money will do everything may well be suspected of doing everything for money.Benjamin Franklin

There are people who have money and people who are rich.Coco Chanel

I'd like to live as a poor man with lots of money.Pablo Picasso

How do we, or should we, define Economics?

Economics is the study of how people seek to satisfy their needs and wants by making choices.

Economics

Economic values determine the way in which societies approach and ultimately seek to address the problems at the core of economics

3 Basic Economic Questions

What will be produced?

How will it be produced?

For whom is it produced?

Economic Systems

1. Market

2. Command

3. Traditional 3 different approaches emerge…

market command

When the political spectrum and the economic spectrum intersect…

democratic autocratic

market

command