Introduction To Economics

Part 1 The Basics. What is economics? ? ? The Study of Economics. ECONOMICS 5 Economic Questions Society (we) must figure out. BUT, there’s a Fundamental Problem. Choices, Choices. Why Choices? Wants andNeeds, Needs and Wants. Trade-offs. Trade-Offs, cont. A special kind of Trade-Off is an. Opportunity Costs. Production. Production, cont. Factors of Production. Which Factor of Production? Which Factor of production? THREE parts to the Production Process. Production Process. Capital Goods andConsumer Goods. Changes in production. The Circular Flow Model. Production, cont. Again. World gdp. Part 2 Costs and Revenues. Costs and Revenues. Costs and Revenues - Chart. Costs and Revenues. Cost-Benefit Analysis. Part 3 Comparative Economics. Traditional Economies. Command Economies. Karl Marx. Communism Falls. Free Market (Capitalist) Economies. Adam Smith. Adam Smith (cont. Principles of Capitalism. Mixed Economy/Socialism. John Maynard Keynes. Keynesian Economics (cont. Part 4 Labor Issues. Labor. When Production Decreases. How does ‘Labor’ protect itself? Collective Bargainingand Strikes.