We dedicate this book to Mr. Guy in honor of being a cool teacher.
Created & published on StoryJumper™ ©2025 StoryJumper, Inc.
All rights reserved. Sources: storyjumper.com/attribution
Preview audio:
storyj.mp/ahwczstz578h
Economics is the study of how people try to satisfy what appears to be seemingly unlimited & competing wants through the careful use of relatively scarce resources.
Economics provides 3 simple questions...
Who consumes the goods & services produced in society?
What goods & services should be produced?
How should goods & services be produced?
2
4 Factors of Production
3
Land:
Natural resources used to make & supply goods.
Ex: timber, water, oil,
plants
4
Labor:
The work & effort devoted to a task by people to get
paid.
Ex: field work, farm work,
factory work, & construction
5
Capital:
A human-made resource used to produce other goods or services.
Ex: money, equipment, buildings
Entrepreneurship:
Developing & managing a business
Ex: opening a new business; Bill Gates, Mark Zuckerberg, Steve Jobs, etc.
6
Cost-benefit Analysis:
A systematic way of estimating weaknesses and strengths necessary for a functional requirement
Thinking at the Margin:
A term used to describe making a decision based on a minor change in resources.
7
Uses of Economics:
-To Predict (such as a future markets)
-To Analyze Data
-To Explain Such Data
-To Describe
8
............................ . of Nation:
Economic efficiency- All resources used to best of their abilities; little waste.
Economic growth- GDP (Growth Domestic Product) Total goods and services produced in the nations border in one year; jobs increase, hours increase, wagers increase.
Economic equity- Men and women paid same, races should be paid same, minimum wage- lowest amount paid for jobs in U.S.
9
of Nation continued:
Full Employment- Everybody working, who wants to work.95% employment & 5% unemployment in the U.S.
Economic Freedom- Buying products you want to buy, work where you want to work.
Economic Security- Welfare Social Security, Health-care. Helps those who don't have jobs.
**Price Stability- Prices should remain the same.
10
Production Possibilities Frontier
Basically "What is the maximum capacity?" Maximizes employment, minimizes unused resources.It is nearly impossible to achieve a good goal.
The yellow point- All resources used to make trucks or cars
The green-yellow point- 3/4 on cars & 1/4 on trucks
The green point- 1/2 on cars & 1/2 on trucks
The blue point (points on line)- Use maximum amount of workers and resources
11
The circular flow model shows the high degree of economics interdependence in our economy.
The factors of production and the products made from them flow in one direction. The payments for
the factors, which consumers
spend on good and services,
flow in the opposite direction.
12
Trade off; Since resources, such as time and money are limited, you must choose how to best allocate them by making some trade.
Ex: Several alternatives are appealing but at the same time some items has its advantages and disadvantages.
13
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We dedicate this book to Mr. Guy in honor of being a cool teacher.
Created & published on StoryJumper™ ©2025 StoryJumper, Inc.
All rights reserved. Sources: storyjumper.com/attribution
Preview audio:
storyj.mp/ahwczstz578h
Economics is the study of how people try to satisfy what appears to be seemingly unlimited & competing wants through the careful use of relatively scarce resources.
Economics provides 3 simple questions...
Who consumes the goods & services produced in society?
What goods & services should be produced?
How should goods & services be produced?
2
4 Factors of Production
3
Land:
Natural resources used to make & supply goods.
Ex: timber, water, oil,
plants
4
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"Basic Economics"
An introduction to economics, covering topics such as scarcity, production, types of economies, and economic concepts.
(21 pages)
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