1 of 27
Basics of Economics
Published on Nov 28, 2015
No Description
MORE DECKS TO EXPLORE
7 Strategies to Write a Speech with Ease
84556 views
10 ways
45140 views
TXLA Wrap-up 2015
9445 views
What is Creativity
67807 views
What is Media Literacy Today?
25797 views
WHY WORK WITH ME?
20217 views
PRESENTATION OUTLINE
Basics of Economics
World Geography 2007 McDougal and Littell
Is it valuable? It depends on what the item is, when it is, and how much there is of it? Who wants it?
How should it be used? Who should be able to use it? Should it be sold and for how much. Who should sell it? Those are the questions for the economists.
How should it be used? Who should be able to use it? Should it be sold and for how much. Who should sell it? Those are the questions for the economists.
The way people produce and exchange goods.
Economies operate on a local, regional, national, or international level. Geographers study economic geography by looking at how people in a region support themselves and how economic activities are linked across regions.
World Geography, Rand McNally, McDougal Littell 2007p. 91
World Geography, Rand McNally, McDougal Littell 2007p. 91
Photo by Luz Adriana Villa A.
Untitled Slide
- Macroeconomics
- Study of the behavior of the overall economies
Macroeconomics involves performance, structure, behavior, and decision-making of an economy.
Indicators include GDP, unemployment rates, and price indexes.
Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance.
Indicators include GDP, unemployment rates, and price indexes.
Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance.
Photo by Pink Sherbet Photography
Untitled Slide
- Microeconomics
- Study of economic behavior of an individual units of an economy
Primarily focused on actions of individual agents such as firms and companies and how their behavior determines prices and quantities in specific markets.
Photo by Pink Sherbet Photography
Traditional: Barter System
Also known as Traditional Economy. Goods and services traded without exchanging money.
Photo by manhhai
Command
Production of goods and services is determined by a central government, which usually owns the means of production. Production does not necessarily reflect the consumer demand.
Also called a planned economy. At one time it was called Communism based on Karl Marx's Communist Manifesto.
Also called a planned economy. At one time it was called Communism based on Karl Marx's Communist Manifesto.
Photo by Egui_
Market Economy
Production of goods and services determined by the demand from consumers.
Also known as demand economy or capitalism or supply and demand economy.
Also known as demand economy or capitalism or supply and demand economy.
Photo by lecercle
Mixed Economy
Government has some control while some of the resources are sold through free market.
It is a combination of command and market economies to provide goods and services so that all provides goods and services.
It is a combination of command and market economies to provide goods and services so that all provides goods and services.
Photo by vanberto
Levels of Economic Activity
Various levels of Economic activity meet various needs of people and countries around the world.
Some people raise their own food--subsistence farming, while other farmers raise crops or animals and sell them in market. Also, the government tells farmers what to do with the crops or livestock.
Some people raise their own food--subsistence farming, while other farmers raise crops or animals and sell them in market. Also, the government tells farmers what to do with the crops or livestock.
Photo by cliff1066™
Four levels of Economic Activity
Click to add more text here
Describes how materials are gathered and processed into goods or how services are delivered to consumers.
Photo by Internet Archive Book Images
Primary Activities
Involves gathering raw materials such as timber for immediate use or to use in the making of a final product.
Photo by Korona Lacasse
Secondary Activities
Involve adding value to materials by changing their form. Manufacturing automobiles is an example.
Photo by wbaiv
Tertiary Activities
involve providing business or professional services. Salespeople, teachers, or doctors are examples.
Photo by Green Energy Futures
Quaternary Activities
provide information, management, and research services by highly-trained persons.
Photo by US Army Africa
Economics of resources
Economic geography is understanding which resources a nation possesses.
Natural Resources
Materials on or in the earth that have economic value.
tress, fish, coals, oil, wool, cotton, iron ore
Natural resources only become resources when society has the technology and ability to transform those resources into goods.
Natural resources are abundant, but are not distributed equally around the world.
location, quality, quantity
tress, fish, coals, oil, wool, cotton, iron ore
Natural resources only become resources when society has the technology and ability to transform those resources into goods.
Natural resources are abundant, but are not distributed equally around the world.
location, quality, quantity
Photo by bradleygee
Renewable
These resources can be replaced through natural processes.
cotton, wheat, trees, wind, meat
cotton, wheat, trees, wind, meat
Photo by Andy Magee
Non-renewable Resources
These resources cannot be replaced once they have been removed from the ground.
gold, silver, iron, gemstones, limestone, sulfur, fossil fuels, petroleum, natural gas, coal
Many of these natural resources are the basis of energy production.
gold, silver, iron, gemstones, limestone, sulfur, fossil fuels, petroleum, natural gas, coal
Many of these natural resources are the basis of energy production.
Photo by Retoxx
Inexhaustible energy sources
Resources which are used for producing power. They are the result of solar or planetary processes and are unlimited in quantity.
sunlight, geothermal heat, winds, tides
sunlight, geothermal heat, winds, tides
Photo by Argonne National Laboratory
Resources and Trade
Natural Resources are a major part of world trade.
Fossil fuels are important because industry relies on them for both power and raw materials in manufacturing.
The value of natural resource depends on the qualities that make it useful.
Ex. Trees can provide lumber building or pulp for paper.
Countries trade for raw materials that they need for energy and to manufacture products.
Fossil fuels are important because industry relies on them for both power and raw materials in manufacturing.
The value of natural resource depends on the qualities that make it useful.
Ex. Trees can provide lumber building or pulp for paper.
Countries trade for raw materials that they need for energy and to manufacture products.
Photo by jikatu
Economic Support Systems
The production and distribution of goods and services require a series of support systems.
The most important of these systems is infrastructure.
The most important of these systems is infrastructure.
Photo by RyanP77
Infrastructure
A nation's infrastructure consists of power, communication, transportation, water, sanitation, education systems
The more sophisticated the infrastructure, the more developed the country.
Discuss: How these systems relate to development of country?
If people in the US don't value education, how will that weakness in the system affect the countries Infrastructure?
The more sophisticated the infrastructure, the more developed the country.
Discuss: How these systems relate to development of country?
If people in the US don't value education, how will that weakness in the system affect the countries Infrastructure?
Photo by michiexile
Measuring Economic Development
Geographers use a variety of standards to make comparisons among economies.
Photo by epSos.de
Per Capita Income
Per capita income is the average amount of money earned by each person in a political unit.
Photo by (Paolo)
Gross National Product (GNP)
Gross national product (GNP) is a commonly used statistic to measure the economy of a country.
Definition-the total value of all goods and services produced by a country over a year or some other specified period of time.
The GNP can reflect the value of goods or services produced in one country by a company based in another country.
Example: a shirt produced in India by an American Company is counted as US production even though it's not made in the US.
Definition-the total value of all goods and services produced by a country over a year or some other specified period of time.
The GNP can reflect the value of goods or services produced in one country by a company based in another country.
Example: a shirt produced in India by an American Company is counted as US production even though it's not made in the US.
Photo by A Look Askance
Gross Domestic Product (GDP)
Another commonly-used statistic to measure the economy of a country is the Gross Domestic Product (GDP).
Definition-the total value of all goods and services produced within a country in a given period of time.
Definition-the total value of all goods and services produced within a country in a given period of time.
Photo by Leader Nancy Pelosi
Development Levels of Countries
Countries have various development levels.
Developing nations have a low GDP and limited development on all levels.
Developed nation have a high per capita income and varied economy.
Western Europe, Japan, Canada, and the United States have highly developed economies.
Developing nations have a low GDP and limited development on all levels.
Developed nation have a high per capita income and varied economy.
Western Europe, Japan, Canada, and the United States have highly developed economies.
Photo by OscarFalcon
MORE DECKS BY THIS AUTHOR
My Story
1 views
Title
13 views
What Is Haiku Deck?
34 views
Haiku Deck In Action
42 views
Untitled Haiku Deck
0 views