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Contents

CHAPTER FOCUS

SECTION 1 The Basic Problem in Economics

SECTION 2 Trade-Offs

SECTION 3 What Do Economists Do?

CHAPTER SUMMARY

CHAPTER ASSESSMENT

Click a hyperlink to go to the corresponding section. Press the ESC key at any time to exit the presentation.

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Chapter Focus 1

Why It’s Important

How do scarce resources–including time–affect you and everyone around you? How do economists simplify the world to help us better understand it? This chapter will explain what economics is and how it is part of your daily life.

Click the Speaker button to listen to Why It’s Important.

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Chapter Focus 2

Chapter Overview

Economics is the study of how individuals and nations make choices about how to fulfill their wants. Chapter 1 explains or describes scarcity, the four factors of production, the relationship between trade-offs and opportunity costs, and how economists use economic data to test the economic models they formulate.

End of Chapter Focus

Click the mouse button to return to the Contents slide.

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Section 1-1

Reader’s Guide

Section Overview Section 1 explains or describes the importance of economics, the relationship of scarcity to unlimited wants, and the four factors of production.

Objectives

–  Why does scarcity face all people at all times? –  What are the four factors of production?

–  How do wants and needs differ?

Click the mouse button or press the Space Bar to display the information. Section 1 begins on page 3 of your textbook.

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Terms to Know

–  scarcity –  factors of production

–  land –  labor –  goods –  services –  capital –  productivity

–  economics –  entrepreneurship –  technology

Section 1-2

Reader’s Guide (cont.)

Click the Speaker button to listen to the Cover Story.


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Section 1-3

•  Economics is the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants.

Introduction

economics the study of how individuals and societies make choices about ways to use scarce

resources to fulfill their needs and wants

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•  Americans also consider education and health care as needs.

•  To economists, however, everything other than basic survival needs is considered a want.

Section 1-4

Click the mouse button or press the Space Bar to display the information.

Wants Versus Needs •  Everyone needs certain things to survive:

–  food –  clothing –  shelter

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Section 1-5

Wants Versus Needs (cont.)

•  In a world of limited resources, individuals satisfy their unlimited wants by making choices.

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Section 1-6


Choices

•  Whenever you make a spending decision, each available choice competes with every other available choice.

•  When you decide whether to spend your money, you are making an economic choice.

•  Businesses make decisions daily about what to produce now, what to produce later, and what to stop producing.

•  These decisions in turn affect workers’ incomes and people’s ability to buy.

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Section 1-7


Choices (cont.)

•  Societies face choices about how to utilize their resources in the production of goods and services.

•  Elected government representatives in the United States must decide how much to spend on defense versus higher education, for example.

•  How people and societies make these choices is the focus of economics.

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Section 1-8


The Problem of Scarcity

•  The need to make choices arises because everything that exists is limited.

•  At any single moment, a fixed amount of resources is available.

•  At the same time, people have competing uses for these resources.

•  This situation results in scarcity–the basic problem of economics.

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Section 1-9


The Problem of Scarcity (cont.)

•  Scarcity means that people do not have and cannot have enough income, time, and other resources to satisfy their every want.

•  Scarcity should not be confused with shortages.

•  Scarcity always exists because of competing alternative uses for resources. scarcity condition of not being able to have all the goods and services one wants, because wants exceed what can be

made from all available resources at any given time

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Section 1-10

The Problem of Scarcity(cont.)

•  Shortages are temporary and may occur, for example, after hurricanes or flood destroy goods and property.

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Section 1-11

factors of production resources of land, labor, capital, and entrepreneurship used to produce goods and services

Factors of Production

•  When economists talk about scarce resources, they are referring to the factors of production, or resources needed to produce goods and services.

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Section 1-12


Land •  As an economic term, land refers to

natural resources present without human intervention. –  Examples of “land” include actual surface land

and water, forests, fish, animals, mineral deposits, and other “gifts of nature.”

land natural resources and surface land and water

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Section 1-13


labor human effort directed toward producing goods and services

goods tangible objects that can satisfy people’s wants

Labor

•  Labor includes anyone who works to produce goods and services.

•  Economic goods are tangible items that people buy.

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•  Doctors, hair stylists, and Web-page designers all sell their services.

services actions that can satisfy people’s wants.

Section 1-14


Labor (cont.) •  Services are activities done for others

for a fee.

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capital previously manufactured goods used to make other goods and services

Section 1-14


Capital

•  Another factor of production is capital. •  When capital is combined with land and

labor, the value of all three factors of production increases.

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Section 1-15

productivity the amount of output (goods and services) that results from a given level of inputs (land, labor, capital)

Capital (cont.)

•  Capital also increases productivity– the ability to produce greater quantities of goods and services in better and faster ways.

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Section 1-16


entrepreneurship ability of risk-taking individuals to develop new products and start new businesses in order to make profits

Entrepreneurship

•  The fourth factor of production, entrepreneurship, refers to the ability of individuals to start new businesses, to introduce new products and processes, and to improve management techniques.

•  Entrepreneurship involves initiative and willingness to take risks in order to reap profits.

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Section 1-17


Entrepreneurship (cont.)

•  Entrepreneurs must also incur the costs of failed efforts. –  About 30 percent of new business

enterprises fail. –  Of the 70 percent that do survive, only a

few become wildly successful businesses.

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Section 1-18


Technology

•  Some economists add technology to the list of factors of production.

•  In the past, technology included any use of land, labor, and capital that produced goods and services more efficiently.

•  Today, technology usually describes the use of science to develop new products and new methods for producing and distributing goods and services. technology advance in knowledge leading to new and improved goods and services and better ways of producing them

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Section 1-Assessment 1

Section Assessment

What is the difference between wants and needs?

Needs are basic to survival. Wants are things other than these basic needs.

Click the mouse button or press the Space Bar to display the answer.

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Section Assessment (cont.)


Why does scarcity exist?

Scarcity exists because there are not enough resources to satisfy everyone’s wants.

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Summarizing Information Use a search engine to help you research an entrepreneur. Explain what benefits were brought to science by his or her risk-taking entrepreneurship. Answers will vary.

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Write a paragraph using the following as a topic sentence: Everyone makes economic choices.

Section Close

End of Section 1


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Section 2-1

Reader’s Guide


Section Overview Section 2 explains how the concept of trade-offs is related to opportunity costs and the production possibilities curve.

Objectives

–  How can society’s trade-offs be shown on a production possibilities curve?

–  How are trade-offs and opportunity costs related?

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Section 2-2




Terms to Know

–  opportunity cost –  production possibilities curve

–  trade-off

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Section 2-3


•  Scarcity forces people to make choices about how they will use their resources.

•  The effects of these choices may be long-lasting.

Introduction

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Section 2-4


Trade-Offs

trade-off sacrificing one good or service to purchase or produce another

•  The economic choices people make involve exchanging one good or service for another.

•  Exchanging one thing for the use of another is called a trade-off.

•  Individuals, families, businesses, and societies are forced to make trade-offs every time they use their resources in one way and not another.

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Section 2-5


opportunity cost the value of the next best alternative given up for the alternative that was chosen

The Cost of Trade-Offs

•  The result of a trade-off is what you give up in order to get or do something else.

•  Economists call this an opportunity cost. •  When you make a trade-off, you lose the

ability to engage in your next highest valued alternative.

•  Therefore, an opportunity cost is always an opportunity that is given up.

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Section 2-6


Considering Opportunity Costs

•  Being aware of trade-offs and their resulting opportunity costs is vital in making economic decisions at all levels.

•  Businesses must consider trade-offs and opportunity costs when they choose to invest money or hire workers to produce one good rather than another.

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Section 2-7


Production Possibilities Curve

•  Many businesses produce more than one product.

•  This means that the company produces combinations of goods–which still results in an opportunity cost.

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Section 2-8

Production Possibilities Curve (cont.)

•  Economists use a model called the production possibilities curve to show the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.

production possibilities curve graph showing the maximum combinations of goods and services that can be produced

from a fixed amount of resources in a given period of time

Figure 1.6

Production Possibilities Curve (cont.)

Figure 1.6 Production Possibilities for Jewelry The curve here represents the production possibilities between bracelets and pairs of earrings during a 20-hour workweek. Note that if you make 10 bracelets, you have no resources or time to make earrings.

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Section 2-9


The Classic Example

•  The classic example for explaining production possibilities in economics is the trade-off between military defense and civilian goods, sometimes referred to as guns versus butter.

•  The extremes for a nation would be using all its resources to produce only one or the other.

•  By using a production possibilities curve, a nation, business, or individual can decide how best to use its resources.

Figure 1.7

The Classic Example (cont.)

Figure 1.7 Production Possibilities– Military Goods Versus Civilian Goods The price of having some civilian goods (represented by the horizontal distance from y to point z) is giving up some military goods (represented by the vertical distance from point A to point x).

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Section Assessment


How are trade-offs and opportunity costs related?

Every trade-off involves an opportunity cost.

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Synthesizing Information Build your own production possibilities curve with “Hours Spent Watching TV” on the horizontal axis and “Hours Spent Studying Economics” on the vertical axis. Write a caption explaining the opportunity cost of each activity. Answers will vary.

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Discuss how using a production possibilities curve enables a business to use its resources in an economically efficient manner.

Section Close

End of Section 2


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Section 3-1


Reader’s Guide

Section Overview Section 3 describes and explains the use of economic models by economists.

Objectives

–  Why are there different schools of economic thought?

–  How do economists use models to study the real world?

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Section 3-2




Terms to Know

–  macroeconomics –  economy –  economic model –  hypothesis

–  microeconomics

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Section 3-3


•  Economics is a social science concerned with the ways individuals and nations choose to use their scarce resources.

•  Economists might analyze how the super-rich spend their money. They do not, however, judge whether there should be a social strata of the super-rich.

Introduction

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Section 3-4


Introduction (cont.) •  Economics is divided into two parts.

–  microeconomics –  macroeconomics

microeconomics the branch of economic theory that deals with behavior and decision making by small units such as individuals and firms

macroeconomics is that branch of economic theory dealing with the economy as a whole and decision making by large units such as governments

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Section 3-5


economy the production and distribution of goods and services in a society

Economic Models

•  The word economy means all the activity in a nation that together affects the production, distribution, and use of goods and services.

•  When studying a specific part of the economy, economists often formulate theories and gather data.

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Section 3-6


economic model a theory or simplified representation that helps

explain and predict economic behavior in the real world

Economic Models (cont.)

•  The theories that economists use in their work are called economic models, which are simplified representations of the real world.

•  Solutions that emerge from testing economic models often become the basis for actual decisions by private businesses or government agencies.

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Section 3-7


What Models Show

•  The purpose of economic models is to show visual representations of consumer, business, or other economic behavior.

•  The production possibilities curve is an economic model that reveals opportunity cost.

•  The most common economic model is a line graph explaining how consumers react to changes in the prices of goods and services.

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Section 3-8


What Models Show (cont.)

•  Economic models assume that some factors remain constant.

•  The constant-factor assumptions are important because economists realize that in the real world, several things may be changing at once.

•  Using a model holds everything steady except the variables assumed to be related.

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Section 3-9


What Models Show (cont.)

•  Economic models do not record every detail and relationship that exists about a problem to be studied.

•  A model will show only the basic factors needed to analyze the problem at hand.

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Section 3-10


hypothesis an assumption involving two or more variables that must be tested for validity

Creating a Model

•  Models are useful if they help us analyze the way the real world works.

•  An economist begins with some idea about the way things work, then collects facts and discards those that are not relevant.

•  The economist can test this theory, or model, in the same way that other scientists test a hypothesis.

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Section 3-11

Testing a Model

•  Testing a model, or hypothesis, allows economists to see if the model represents reality under certain conditions.

Figure 1.10 a

Testing a Model (cont.)

Figure 1.10 Economic Models Graph A is an example of a model, and Graph B is a test of that model.

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Section 3-12


Applying Models to Real Life

•  Much of the work of economists involves predicting how people will react in a particular situation.

•  Individual human behavior is not always predictable, though.

•  As a result, an economist’s predictive model may not apply under different conditions.

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Section 3-13


Schools of Economic Thought

•  Economists deal with facts.

•  Their personal opinions and beliefs may nonetheless influence how they view those facts and fit them to theories.

•  The government under which an economist lives also shapes how he or she views the world.

•  As a result, all economists will not agree that a particular theory offers the best solution to a problem.

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Section 3-14


Schools of Economic Thought (cont.)

•  Throughout American history, many economists have stressed the importance of government maintaining “hands off” in business and consumer affairs as a method of preventing increased unemployment and inflation.

•  Other influential economists have proposed that the federal government should intervene in the economy to reduce unemployment and prevent inflation.

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Section 3-15

Values and Economics

•  Learning about economics will help you predict what may happen if certain events occur or certain policies are followed.

•  Economics will not tell you whether the result will be good or bad.

•  Judgments about results depend on a person’s values.

•  Values are the beliefs or characteristics that a person or group considers important, such as religious freedom, equal opportunity, and so on.


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Section 3-15

Values and Economics (cont.)

•  Even having the same values does not mean that people will agree about solutions to problems, strategies, or interpretation of data, however.

•  The science of economics is not used to judge whether a certain policy is good or bad.

•  Economists only inform us as to likely short-term and long-term outcomes of these policies.


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Section Assessment


Why are there different schools of economic thought?

Economist’s personal opinions and beliefs may influence how they view facts and sit them to theories. The government under which economists live also shapes how they view the world.

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Section Assessment


Distinguishing Fact From Opinion Write three “headlines” about the economy that reveal a value judgment. Then rewrite the headlines to omit the value judgment. Answers will vary.

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As a class, discuss the following question: How can an understanding of basic economic principles help people become more effective citizens?

Section Close

End of Section 3


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Chapter Summary 1

Section 1: The Basic Problem in Economics

•  Economics is the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants.

•  Individuals satisfy their unlimited wants in a world of limited resources by making choices.

•  The need to make choices arises because of scarcity, the basic problem of economics.

•  The resources needed to make goods and services are known as the factors of production.


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Chapter Summary 1

Section 1: The Basic Problem in Economics (cont.)

•  The four factors of production include land, or natural resources; labor, also known as human resources; capital, the manufactured goods used to make other goods and services; and entrepreneurship, the ability of risk-taking individuals to start new businesses and introduce new products and processes.

•  Some economists add technology to the list of factors of production.


69

Chapter Summary 2


Section 2: Trade-Offs

•  People are forced to make trade-offs every time they use their resources in one way and not another.

•  The cost of making a trade-off is known as opportunity cost–the value of the next best alternative that had to be given up to do the action that was chosen.

•  A production possibilities curve is a graph that shows the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.

70

Chapter Summary 2

Section 2: Trade-Offs (cont.)

•  The classic example for explaining production possibilities in economics is the trade-off between guns (military defense) and butter (civilian goods).

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Chapter Summary 4


Section 3: What Do Economists Do?

•  Economists study the economy–all the activity in a nation that together affects the production, distribution, and use of goods and services.

•  Economists also formulate theories called economic models, which are simplified representations of the real world.

•  Economists test their models in the same way that other scientists test hypotheses, or educated guesses.

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Chapter Summary 4


Section 3: What Do Economists Do?

(cont.) •  Economists deal with facts, although their

personal opinions may sway their theories.

•  Economists offer solutions to economic problems, but they do not put value judgments on those solutions.

End of Chapter Summary


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Chapter Assessment 1


What is the condition that results because wants are unlimited?

Recalling Facts and Ideas

scarcity

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Recalling Facts and Ideas (cont.)


What is the difference between scarcity and shortages?

Scarcity refers to the fixed, or set, amount of resources available to fulfill unlimited wants. Shortages refer to situations where items are temporarily in short supply.

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Your friend says, “I need some new clothes.” Under what conditions would this be expressing a need? A want? It would be need if the clothes were an absolute necessity; it would be a want if a simple desire for more clothes was being expressed.

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What are the four factors of production?

land, labor, capital, entrepreneurship

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What does making a trade-off require you to do?

It requires you to exchange one thing for the use of another.

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What do economists call the next best alternative that had to be given up for the one chosen?

opportunity cost

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In economics, what is cost?

a foregone opportunity

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What does a production possibilities curve show?

the combination of goods and services that can be produced with a fixed amount of resources in a given period of time

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For what purposes do economists use real-world data in building models?

as the basis for testing theories that explain an event or offer a solution to a problem

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An economic theory is another name for what?

an economic model

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When does an economist consider an economic model useful?

if it provides useful material for analyzing the way the real world works

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Drawing Inferences and Conclusions Some people argue that air is not an economic good. Explain why you agree or disagree with this statement.

Thinking Critically

Possible answers: Some may agree, pointing out that people do not have to give up anything of value to breathe the air. Others might disagree, noting that because of pollution, an economic cost is paid to clean up the air and to cover the medical expenses of those made sick by the pollution.

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Thinking Critically (cont.)

Categorizing Information Create three diagrams like the one on page 26 of your textbook and label the center oval with one of the following services: providing financial advice, teaching economics, producing a movie. Fill in examples of each factor of production that went into developing these services.

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Reviewing Skills

Sequencing and Categorizing Information

•  In this chapter you learned that some economists add technology as a fifth factor of production.

•  Technology is an advance in knowledge leading to new and improved goods and services and better ways of producing them.

•  This includes any use of land, labor, capital, and entrepreneurship that produces goods and services more efficiently.

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•  Choose a product or service and then research the technology that went into developing it.

•  Construct a diagram, like the one on page 27 of your textbook, that displays in sequential order the technology involved in preparing the factors of production that ultimately create your good or service.

•  Share your diagram with the rest of the class.

Reviewing Skills (cont.)

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When is an automobile considered a capital good?

when it is used to produce a service, such as pizza delivery


End of Chapter Assessment


Chapter Launch Activity


Imagine that you have $100 to spend. Make a list of the items you would like to buy and the approximate price of each item. Add up the prices and, if the total exceeds $100, remove items so that you do not exceed your budget.

What choices did you make, and why did you make them?

Economics Online

Explore online information about the topics introduced in this chapter.

Click on the Connect button to launch your browser and go to the Economics: Today and Tomorrow Web site. At this site, you will find interactive activities, current events information, and Web sites correlated with the chapters and units in the textbook. When you finish exploring, exit the browser program to return to this presentation. If you experience difficulty connecting to the Web site, manually launch your Web browser and go to http://ett.glencoe.com

BusinessWeek Online

Explore online information about the topics introduced in this chapter.

Click on the Connect button to launch your browser and go to the BusinessWeek Web site. At this site, you will find up-to-date information dealing with all aspects of economics. When you finish exploring, exit the browser program to return to this presentation. If you experience difficulty connecting to the Web site, manually launch your Web browser and go to http://www.businessweek.com

Economic C 1 Contents

Smart Labels Technology Saves You a Trip to the Store

Click a hyperlink to go to the corresponding topic.

Economic Connection 1.1

Smart Labels

“Smart Labels” may one day replace the bar codes that you see on items you buy at the store. These labels contain a computer chip, which can carry a wealth of information. And new data can be added even after the label has been attached to the package. Also, because the chip communicates by radio waves, the label does not have to be held directly in front of a scanner to be read. The radio waves can even penetrate dirt or other grime that might cover the label. The one disadvantage to this new technology is cost–about 30 cents per label.

Economic Connection 1.2

Technology: Technology Saves You a Trip to the

Store Only a few years ago, computers were as big as refrigerators. Now, Frigidaire Home Products has unveiled a fridge that contains a computer. The computer has a touch-screen monitor and a bar code scanner mounted on the freezer door. There’s even a jack for an Internet connection. After emptying a carton of milk, you could swipe the carton past the bar code scanner, tap a couple of buttons on the screen, and the fridge would order replacements from an online grocery store.

BW Spotlight 1

Continued on next slide.

Medusa was new roller coaster introduced by the Six Flags group in 1999. It was the world’s first “heartline” roller coaster. In a heartline, the riders feel as if there is nothing above or below them. On Medusa, passenger’s feet dangle without touching anything below. The tilt of the seat gives riders the impression that they are completely open to the sky above. Read the BusinessWeek Spotlight on the Economy article on page 17 of your textbook. Learn how traditional roller coasters are being modernized, keeping in mind the factors of production needed to perform this modernization.

Coasters Find a Whole New Way to Roll

This feature is found on page 17 of your textbook.

BW Spotlight 2


Provide two examples of each factor of production that went into developing the new coasters.

Land–raw materials to make steel for rails and waiting platform; Labor–workers who manufactured new motors and constructed the new roller coaster; Capital–electricity that produces electromagnetic force, computer and robots that built linear induction motor; Entrepreneurship–Premier Rides of Maryland developed new technology, Six Flags America introduced new ride to the public.

Click the mouse button or press the Space Bar to display the answer. This feature is found on page 17 of your textbook.



BW Spotlight 3

What is the opportunity cost of spending a day at an amusement park? the next best alternative given up to go to the amusement park


Economic Concepts 1

Economic Concepts 2

Focus Activity 1.1


Focus Activity 1.2

Focus Activity 2.1


Focus Activity 2.2

Focus Activity 3.1


Focus Activity 3.2

NBR 1.1

•  define economics. •  give an example of economics scarcity. •  distinguish between needs and wants. •  discuss the trade-offs involved in allocating

scarce resources.

After viewing What is Economics?, you should be able to…

Economics and You Video 2: What is Economics?



NBR 1.2

Side 1 Disc 1

Chapter 2 Click the Videodisc button anytime throughout this section to play the complete video if you have a videodisc player attached to your computer.

Click the Forward button to view the discussion questions and other related slides.

Click inside this box to play the preview.



NBR 1.3


If an item that everyone needs is scarce, how can it be allocated?

through rationing programs

Side 1 Disc 1

Chapter 2


CTS 1


Sequencing involves placing facts in the order in which they occurred. Categorizing entails organizing information into groups of related facts and ideas. Both actions help you deal with large quantities of information in an understandable way.



CTS 2


Learning the Skill


•  To learn sequencing and categorizing skills, follow the steps listed below.

–  Look for dates or clue words that provide you with a chronological order: in 2004, the late 1990s, first, then, finally, after the Great Depression, and so on.

Click the mouse button or press the Space Bar to display the information. This feature is found on page 9 of your textbook.

CTS 3


Learning the Skill (cont.)


–  If the information you’re studying did not happen in a sequential order, you may categorize it instead. To do so, look for information with similar characteristics.

Click the mouse button or press the Space Bar to display the information. This feature is found on page 9 of your textbook.

–  List these characteristics, or categories, as the headings on a chart.

–  As you read, fill in details under the proper category on the chart.

CTS 4


Practicing the Skill



•  Read the passage on page 9 of your textbook, then answer the questions that follow.

CTS 5

1. Twinkies invented in 1930. 2. Dewar thought it wasteful to use expensive

shortcake pans for only 6 weeks during the strawberry season.

3. Decided to utilize cake pans for another type of cake.

4. Dewar developed a banana filling and worked out a way to inject it into the cakes.

How can the facts here be organized sequentially?




CTS 6



Land–strawberries, bananas; Labor–plant, manager; Capital–bakery, expensive cake pans, syringe-like injection tubes; Entrepreneurship–Dewar’s decision to find a way to use the expensive cake tins all year round; the switch from strawberry filling to banana filling

Now organize the facts under the categories of Land, Labor, Capital, and Entrepreneurship.

Global Economy 1c


As you’ve learned, the “land” factor of production includes natural resources. The natural resources that make up a pencil come from all over the world. So a pencil–yes, the simple writing tool you hold in your hand–is an international product.

Pencils–An International Product

Global Economy 2c

DYK 3.1

The area of economics that uses mathematical models to analyze, interpret, and predict economic behavior is known as econometrics. Economists Ragnar Frisch of Norway and Jan Tinbergen of Holland developed this approach in the 1930s. They won the 1969 Nobel Prize in economics for their groundbreaking work.

Global Economy 1.1

Economic development in developing countries, as in developed countries, is linked to the factors of production. Many economists believe that the biggest obstacle to economic growth in developing countries is the quality of labor. With low literacy rates and poor health conditions, labor forces in developing countries do not have the skills needed to keep up with modern technology.

Factors of Production

Click the picture to listen to the biographical overview about Robert L. Heilbroner on page 24 of your textbook . Be prepared to answer questions that appear on the next two slides.

People and Perspectives 1.1


Robert L. Heilbroner 1919–


Why is it important to study the great economists of the past? It is important to study the great economists because they had ideas that had historical importance.





Have economists made a real difference in the world? Explain your answer. Economists have made a difference in that their ideas have shaped economic policies and practices.


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