Ch02Rev

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Published on January 4, 2008

Author: Noormahl

Source: authorstream.com

The Economizing Problem:  The Economizing Problem Slide2:  THE FOUNDATION OF ECONOMICS SOCIETY HAS VIRTUALLY UNLIMITED WANTS... Slide3:  BUT LIMITED OR SCARCE PRODUCTIVE RESOURCES! SOCIETY HAS VIRTUALLY UNLIMITED WANTS... THE FOUNDATION OF ECONOMICS Slide4:  GOODS & SERVICES PROVIDE... UTILITY Slide5:  LUXURIES GOODS & SERVICES PROVIDE... UTILITY Slide6:  LUXURIES vs. NECESSITIES GOODS & SERVICES PROVIDE... UTILITY Slide7:  PROPERTY RESOURCES LAND SCARCE RESOURCES ECONOMIC RESOURCES Slide8:  PROPERTY RESOURCES LAND CAPITAL SCARCE RESOURCES ECONOMIC RESOURCES Slide9:  PROPERTY RESOURCES LAND CAPITAL SCARCE RESOURCES ECONOMIC RESOURCES INVESTMENT FINANCIAL CAPITAL REAL CAPITAL Slide10:  PROPERTY RESOURCES LAND CAPITAL HUMAN RESOURCES SCARCE RESOURCES ECONOMIC RESOURCES Slide11:  PROPERTY RESOURCES LAND CAPITAL HUMAN RESOURCES LABOR SCARCE RESOURCES ECONOMIC RESOURCES Slide12:  PROPERTY RESOURCES LAND CAPITAL HUMAN RESOURCES LABOR ENTREPRENEURIAL ABILITY SCARCE RESOURCES ECONOMIC RESOURCES Also known as the Input Factors of Production Slide13:  ENTREPRENEURIAL ABILITY Takes The Initiative Makes Strategic Business Decisions Innovator The Risk Bearer Slide14:  RESOURCE PAYMENTS RENTAL INCOME INTEREST INCOME WAGES PROFIT & LOSS Slide15:  Productive Efficiency Full Employment Full Production Allocative Efficiency ECONOMICS & EFFICIENCY Slide16:  PRODUCTION POSSIBILITIES Assumes... Full Employment and Productive Efficiency Fixed Resources Fixed Technology Two Goods for example... Slide17:  PRODUCTION POSSIBILITIES Assumes... Full Employment and Productive Efficiency Fixed Resources Fixed Technology Two Goods for example... A Consumer Good Slide18:  Two Goods Fixed Resources Fixed Technology Assumes... Full Employment and Productive Efficiency PRODUCTION POSSIBILITIES for example... A Capital Good Slide19:  Using all of our resources, to get some pizza, we must give up some robots! for example... What if we could only produce ... 10,000 Robots or 400,000 Pizzas PRODUCTION POSSIBILITIES Slide20:  PIZZA 0 1 2 3 4 (in hundred thousands) ROBOTS 10 9 7 4 0 (in thousands) in table form PRODUCTION POSSIBILITIES Slide21:  PIZZA 0 1 2 3 4 (in hundred thousands) ROBOTS 10 9 7 4 0 (in thousands) in table form graphical form Robots (thousands) Pizzas (hundred thousands) PRODUCTION POSSIBILITIES Slide22:  PIZZA 0 1 2 3 4 (in hundred thousands) ROBOTS 10 9 7 4 0 (in thousands) in table form graphical form Robots (thousands) Pizzas (hundred thousands) PRODUCTION POSSIBILITIES Slide23:  PIZZA 0 1 2 3 4 (in hundred thousands) ROBOTS 10 9 7 4 0 (in thousands) in table form graphical form Robots (thousands) Pizzas (hundred thousands) PRODUCTION POSSIBILITIES Slide24:  PIZZA 0 1 2 3 4 (in hundred thousands) ROBOTS 10 9 7 4 0 (in thousands) in table form graphical form Robots (thousands) Pizzas (hundred thousands) PRODUCTION POSSIBILITIES Slide25:  PIZZA 0 1 2 3 4 (in hundred thousands) ROBOTS 10 9 7 4 0 (in thousands) in table form graphical form Robots (thousands) Pizzas (hundred thousands) PRODUCTION POSSIBILITIES Slide26:  PIZZA 0 1 2 3 4 (in hundred thousands) ROBOTS 10 9 7 4 0 (in thousands) in table form graphical form Robots (thousands) Pizzas (hundred thousands) PRODUCTION POSSIBILITIES Slide27:  At any point in time, a full-employment, full-production economy must sacrifice some of product X to obtain more of product Y. PRODUCTION POSSIBILITIES Limited Resources means a limited output... Slide28:  Q Q Robots (thousands) Pizzas (hundred thousands) 14 13 12 11 10 9 8 7 6 5 4 3 2 1 1 2 3 4 5 6 7 8 A B C D E W Attainable but Inefficient Unattainable Attainable & Efficient PRODUCTION POSSIBILITIES Slide29:  Q Q Robots (thousands) Pizzas (hundred thousands) 14 13 12 11 10 9 8 7 6 5 4 3 2 1 1 2 3 4 5 6 7 8 A B C D E W Attainable but Inefficient Unattainable Attainable & Efficient PRODUCTION POSSIBILITIES Slide30:  Q Q Robots (thousands) Pizzas (hundred thousands) 14 13 12 11 10 9 8 7 6 5 4 3 2 1 1 2 3 4 5 6 7 8 A B C D E W Attainable but Inefficient Unattainable Attainable & Efficient PRODUCTION POSSIBILITIES Slide31:  PRODUCTION POSSIBILITIES MC MB Allocative Efficiency: MB=MC MB=MC Slide32:  U Unemployment & Underemployment Shown by Point U More of either or both is possible PRODUCTION POSSIBILITIES Slide33:  U Unemployment & Underemployment Shown by Point U More of either or both is possible PRODUCTION POSSIBILITIES Slide34:  U Unemployment & Underemployment Shown by Point U More of either or both is possible PRODUCTION POSSIBILITIES 1 – Increase in resource supplies 2 – Better resource quality 3 – Technological advances Slide35:  Economic Growth Q Q Robots (thousands) Pizzas (hundred thousands) 14 13 12 11 10 9 8 7 6 5 4 3 2 1 1 2 3 4 5 6 7 8 A’ B’ C’ D’ E’ PRODUCTION POSSIBILITIES Slide36:  Two Examples of Economic Growth ALTA - FAVORS PRESENT GOODS Goods for the Present Goods for the Future CURRENT CURVE FUTURE CURVE CONSUMPTION PRODUCTION POSSIBILITIES Alta Slide37:  Two Examples of Economic Growth ALTA - FAVORS PRESENT GOODS ZORN - FAVORS FUTURE GOODS Goods for the Present Goods for the Future CURRENT CURVE FUTURE CURVE CONSUMPTION Goods for the Present Goods for the Future FUTURE CURVE CONSUMPTION CURRENT CURVE PRODUCTION POSSIBILITIES Alta Zorn Slide38:  Applications... Unemployment and Productive Inefficiency PRODUCTION POSSIBILITIES Slide39:  Applications... Unemployment and Productive Inefficiency Tradeoffs and Opportunity Costs PRODUCTION POSSIBILITIES Slide40:  Applications... Unemployment and Productive Inefficiency Tradeoffs and Opportunity Costs Shifts in the Production Possibilities Curves PRODUCTION POSSIBILITIES Slide41:  ECONOMIC SYSTEMS THE MARKET SYSTEM Pure Capitalism Laissez-faire Slide42:  ECONOMIC SYSTEMS THE MARKET SYSTEM Pure Capitalism Laissez-faire THE COMMAND SYSTEM Socialism Communism Slide43:  CIRCULAR FLOW MODEL BUSINESSES HOUSEHOLDS RESOURCE MARKET PRODUCT MARKET Slide44:  BUSINESSES HOUSEHOLDS RESOURCE MARKET RESOURCES INPUTS PRODUCT MARKET CIRCULAR FLOW MODEL Slide45:  BUSINESSES HOUSEHOLDS RESOURCE MARKET RESOURCES INPUTS $ COSTS $ INCOMES GOODS & SERVICES GOODS & SERVICES PRODUCT MARKET CIRCULAR FLOW MODEL Slide46:  BUSINESSES HOUSEHOLDS RESOURCE MARKET RESOURCES INPUTS $ COSTS $ INCOMES PRODUCT MARKET GOODS & SERVICES GOODS & SERVICES CIRCULAR FLOW MODEL Slide47:  BUSINESSES HOUSEHOLDS RESOURCE MARKET RESOURCES INPUTS $ COSTS $ INCOMES PRODUCT MARKET GOODS & SERVICES GOODS & SERVICES $ CONSUMPTION $ REVENUE CIRCULAR FLOW MODEL Slide48:  CIRCULAR FLOW MODEL BUSINESSES HOUSEHOLDS RESOURCE MARKET RESOURCES INPUTS $ COSTS $ INCOMES PRODUCT MARKET GOODS & SERVICES GOODS & SERVICES $ CONSUMPTION $ REVENUE Slide49:  economizing problem economic resources land capital investment labor entrepreneurial ability factors of production full employment full production productive efficiency allocative efficiency consumer goods capital goods production possibilities table production possibilities curve opportunity cost law of increasing opportunity costs economic growth economic system market system capitalism command system resource market product market circular flow model Copyright McGraw-Hill/Irwin, 2005 BACK END Slide50:  INDIVIDUAL MARKETS: DEMAND & SUPPLY Chapter 3 Coming Soon…

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