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Unit 1 & 2:
Foundations in
Economics/
Macroeconomics
final
Supply and Demand
Its Human
Nature
Surplus
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Getting
Started
Economic
Systems
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$100 Getting Started
The resources used to make goods
and services are called this
$100 Getting Started
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What are factors of production
Land
Labor
Capital
$200 Getting Started
Oil, engineers, and drills
 Income, workers, & money
Or
 Farmers, importers and exporters
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Which of the above sets
include the 3 factors of
production?
$200 Getting Started
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What is oil (land)
Engineers (labor)
and Drills (capital)
$300 Getting Started
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Resources in any society are
scarce so a society must make
this decision first…
$300 Getting Started
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What is make choices how to use
their resources
$400 Getting Started
1.
2.
The amount of money they have
The quality and quantity of land,
labor, and capital resources
or
3. Exchange rates of currency
Which of the above limits an
economy’s potential output?
$400 Getting Started
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What is the quality and quantity of
land, labor, and capital resources
$500 Getting Started
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The price of burgers doubled and
the price of tacos stayed the
same, how would people
respond?
$500 Getting Started
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What is buy more tacos and less
burger?
$100 Economic Systems
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An advantage of this type of
market system is that it offers the
greatest variety of goods and
services to the consumer
$100 Economic Systems
What
is a FREE market
system
$200 Economic Systems
The
Unites States economy
is best described as this
$200 Economic Systems
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What is a Mixed Market
$300 Economic Systems
In economics, this term refers to
when assets owned by the
governments are sold to
individuals or business
$300 Economic Systems
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What is “Privatization”
$400 Economic Systems
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In a market economy, people act
in self interest depending on the
individuals particular wants…this
helps public interest because it
does this to the markets
$400 Economic Systems
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What is make them competitive
with a variety of product
$500 Economic Systems
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In this kind of market system the
Government decides how to allocate
resources
$500 Economic Systems
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What is a Command system
(Centrally planned)
$100 Supply and Demand
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The price of products in a
competitive market are
determined by these two
factors
$100 Supply and Demand
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What is Supply and
Demand
$200 Supply and Demand
As the price of an item
increases, what happens
to the quantity demanded?
$200 Supply and Demand
What is demand
decreases
$300Supply and Demand
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The quantity of a good
or service a producer is
willing and able to
produce at different
possible prices
$300 Chart Toppers
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What is Supply
$400 Supply and Demand
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What has
occurred to
market price
and quantity
in the graph?
P
s

P1
P0
D1
D0
0
Q0
Q1
D0-Original Demand
Q
D1-New Demand
$400 Supply and Demand
 Price
increased and
quantity increased
DAILY
DOUBLE
$500 Supply and Demand
If demand for MKS Studios music recording
time increases, what impact will this
have on wages and number of workers
employed at MKS Studios?
$500 Supply and Demand
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What is an increase in wages
and number of employed
$100 It’s Human Nature
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This is how consumers make their
desires known to the
government…
And this is how they make their
desires known to businesses
(2 part answer)
$100 It’s Human Nature
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What is by voting and buying
$200 It’s Human Nature
The economic system where
people trade for the goods they
need or want is called this
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$200 It’s Human Nature
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What is a Free Market system
$300 It’s Human Nature
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Entrepreneurs take the risk of
ownership in the pursuit of this
$300 It’s Human Nature
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What is Profits ($$$)
$400 It’s Human Nature
Where are consumers most likely going
to spend their money?
$400 It’s Human Nature
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What is to satisfy specific needs and
wants
$500 It’s Human Nature
You Buy a 50 inch Plasma HDTV
What is your OPPORTUNITY COST
$500 It’s Human Nature
 What
is other goods and
services given up to buy
the TV
$100 Surplus
In the United States these 3 groups
decide what goods and services
should be produced
$100 Surplus
Producers, Consumers and Government
$200 Surplus
When people’s wants and needs
exceed the resources available you
get this
$200 Surplus
What is scarcity
$300 Surplus
This is what you call a person who
starts a business
$300 Surplus
What is an entrepreneur
$400 Surplus
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Benefits to older citizens,
surviving family members,
and people with certain
disabilities are provided by
this government agency
$400 Surplus grab
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What is Social Security
DAILY
DOUBLE
$500 Surplus
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In the market for CD’s, what will
happen to price and quantity if
both of the following occur?
Large numbers of individuals download music illegally.
Technological advances reduce the cost of producing a
music CD.
$500 Surplus
What is price decreases and quantity
decreases?
Competition
Safeway recently found
itself in competition with a
newly built Walmart Super
Center. The new
competition will most
likely result in Safeway
offering
(Price and Quality)
Lower prices and higher
quality