Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell...

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Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the course of history in major ways.

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Transcript of Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell...

Page 1: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.

Chapter 2, Lesson 2Exploring

EconomicsIt Matters Because:Most people in our society buy or sell

goods & services every day. Trade has also shaped the course of history

in major ways.

Page 2: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.

I. What is Economics?

A. An economy must answer three key questions:1. What goods and services should we offer?2. How should we create & distribute these goods and services?3. Who will use these goods & services?

B. Different economic systems worldwide answer these questions differently

Page 3: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.

II. Resources & ProductionA. Producing goods & providing services require resources

1. Four major types of resources:a. Land – land includes property, & the natural resources within

For example:b. Labor – ability of people to do work

Where does labor come from?c. Capital – money & goods used to produce goods & services

How is capital raised?d. Entrepreneurship – willingness to run a business & take riskWhat risks?

Page 4: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.

B. A fifth resource is technology.1. Technology - applied knowledge to accomplish a task or make a task simpler2. Examples of technology in:

a. 2015?b. 2000?c. 1950?d. 1900?

II. Resources & Production

Page 5: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.

III. Supply & DemandA. Principle of supply & demand determines value of

goods & services1. Supply – amount of a good or service available2. Demand – amount of a good or service desired3. At what point would the cost of a good or service be at its highest? 4. At its lowest?

B. Scarcity - shortage of a resource1. How does scarcity affect cost?

C. Opportunity cost - what someone must give up in order to make or buy a good or service

1. For example?

Page 6: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.

IV. Types of EconomiesA. Traditional – based on custom; children

often do same work as parents 1. Community property is common2. Bartering is common

B. Command – government decides what goods & services are produced and who will receive them

1. Government often chooses people’s careers for them

Page 7: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.

C. Market – people choose what to produce, sell, buy.

1. Trade occurs in open market2. What is an open market?

D. Mixed – blend of command and market.

IV. Types of Economies

Page 8: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.

V. Measuring Economies

A.Economies experience high & low points1. The business cycle describes these peaks & troughs

B. An economic boom is a time of growthC. Recession is a time when the economy does not grow or even shrinksD. Inflation – goods & services cost more, so money buys less

Page 9: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.
Page 10: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.

VI. Why Do People Trade?A.Countries trade with one another to gain

goods they cannot or do not produce1. Trade between countries is called globalization

B. Trade between countries consists of exports & imports

1. Export – goods shipped out of a country & sold somewhere else2. Import – goods brought into a country from somewhere else

Page 11: Chapter 2, Lesson 2 Exploring Economics It Matters Because: Most people in our society buy or sell goods & services every day. Trade has also shaped the.

VII. Evolution of Trade

A. Early trade took place through bartering1. Barter – trading goods & services for other goods & services

B. Over time, money was invented1. Money has a definite value2. Easier to carry than most goods

C. What are some barriers to trade?


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