PPT-What is Economics? “Scarcity and Factors of Production”

Chapter 11 Choices and Decision Making The study of economic begins with the idea that people cannot have everything they need and want Need Anything that is necessary for survival. ECO23/PSY23 Behavioral Economics. Udayan. Roy. A Behavioral Economics Approach to the Poor. Scarcity: Why Having Too Little Means So Much. By . Sendhil. . Mullainathan. and . Eldar. . Shafir. , Times Books, 2013. University High School. Mr. Barnett. Cathenne. wants:. Kevin, Emilia, . Dayanna. . want:. Tessa wants:. Joseph wants to:. Courtney wants:. Stephanie, Catalina, . Chenxi. . want:. Michelle wants:. Timothy wants:. SCARCITY- The condition that results from society not having enough resources to produce all the things people would like to have.. What comes to mind when you think of something that is scarce?. ECONOMICS- the study of how people try to satisfy unlimited wants through the careful use of relatively scarce resources.. View as slide show. Adapted from AdPrin.com. Seyval. grapes grow only in the Chateau Pierre vineyards and regularly win the . “. French National Gold Medal for Exquisite Wine. s.. ”. Should the brochure say (click the slide for the evidence-based answer:. 1. 1. 1. 1. 1. 1. What is . Economics About?. Scarcity and Choice. Scarcity. and choice are the two essential ingredients of an economic topic.. Goods are . scarce. because desire for them far outstrips their availability from nature.. ECO23/PSY23 Behavioral Economics. Udayan. Roy. A Behavioral Economics Approach to the Poor. Scarcity: Why Having Too Little Means So Much. By . Sendhil. . Mullainathan. and . Eldar. . Shafir. , Times Books, 2013. Mitigation Plan. DESA and UN Partners (ECA. , FAO, WMO, UNISDR, UNEP, UNCCD, UNDP). The Capacity Building Program on Water Scarcity and Drought Preparedness and Mitigation Plan for Jordan. Outline. Jordan Water Scarcity and Drought Challenges Overview. Scarcity (pg. . 16). Literacy Rate (pg. 3). Standard of Living (pg. 2). Natural Resources (pg. 14). Push & Pull Factors. Literacy Rate - Standard of Living - Agriculture - Natural Resources – Scarcity – Movement & Migration. Chapter 1: What is Economics? . Lesson 1: Scarcity and the Science of Economics. Students will know:. Societies do not have enough productive resources to satisfy everyone’s wants and needs, so they must make choices about what, how, and for whom to produce.. Emerging Issues in Agriculture Agricultural Economics Macroeconomic Conditions Weak overall economy affecting demand for most all ag commodities – especially hitting dairy and livestock producers.  Equine sales are also down drastically.  Domestic and international demand. Would you rather…. Study or go to the movies?. Eat a salad or French fries?. Buy a new phone or a new outfit?. How do you decide?. Economics. The study of scarcity and choice.. Economists ask: How do we satisfy our needs and wants by making choices?. Learning Intentions. Define the term economics. Explain the term Economic Resources. Identify and outline the Factors of Production. Describe how business use the Factors of Production. Explain how scarcity, choice and opportunity impact on the Factors of Production. Week -1. Prepared by: Dr . Waqar. Ahmad, . Asstt. . Prof.. Learning Objectives. What is Economics?. What is managerial Economics?. To analyze the concept of economics- scarcity and efficiency?. Micro Economics and macro economics?. Scarcity and Choice. Scarcity and choice are the two essential ingredients . of an economic topic.. Goods are scarce because desire for them far outstrips their availability from nature.. Scarcity forces us to choose among available alternatives. .