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Econ Sept. 10

Published on Nov 18, 2015

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1.

Why Study Economics?

Mr. Melkonian
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2.

Do you really need it?

fresh kicks... Nike? Puma? Adidas? No name?
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3.

Decisions to make...

  • rent or buy a house?
  • study for a test or party with my friends?
  • should I save some pay cheque or spend it all?
  • cook dinner or eat out?
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4.

Economics is always at work

we just haven't realized until now ;)
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5.

We constantly face economic decisions since our needs and wants are virtually unlimited. Our means to satisfy them are quite limited however...

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6.

So we need to learn to ECONOMIZE - use resources wisely

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7.

So what is economics?

more than meets the eye. Not just buying, creating, and selling goods
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8.

Economics can be traced back to ancient Greece formed by two shorter words: oikos (house) and nemo (manage). So pretty much, you're dealing with your stuff

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9.

Now it's commonly referred to as "the science of scarcity and choice"

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10.

We're always going to want stuff

more than we can handle unfortunately...
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11.

We're constantly living in a state of scarcity

always wanting more than we can afford
12.

Doesn't mean we're all greedy and horrible

We're just trying to optimize the largest gains using minimal resources
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13.

Since we study people...

Economics is considered a social science
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14.

We're trying to figure out how people will behave

in the most accurate/quantifiable way possible...
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15.

Not as easy as it sounds...

We get stuck in that rat trap way too often
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16.

Still, this is worth studying

there is a certain predictableness to human behaviour, if you do it right
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17.

Predicting human behaviour

Not easy, but in some cases possible
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18.

After all, predicting human behaviour is a multi-billion dollar industry. Companies invest HUGE money in hopes that people will buy stuff

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19.

Annoying candy crush adds???

I bet you anything we get different advertisements
20.

People in a given society have sort of predictable behaviour. But predicting an individual's choices within that society is not always possible

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21.

March Break

travel increases dramatically in this time
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22.

But can we assume any random individual will travel?

Not a chance
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23.

Behaviour of a group is often predictable

but the behaviour of an individual is not 
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24.

So why study this?

we could be doing other awesome things instead...
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25.

To help make sense of the business world

This stuff is pretty important
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26.

It's also equally important to know how the global economy works and how you fit into the equation.

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27.

Some people think economics is whack

study of material things doesn't show concern for human values
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28.

Fair enough, but...

material gains can be used for noble purposes
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29.

This dude has donated more than $26 billion

for all sorts of stuff he thinks is important (vaccination is the big one)
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30.

Effective resources

consume something for a desired outcome
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31.

Efficient Resource

use bare minimum to achieve desired end
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32.

Economic decisions should be both of these things

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33.

Being efficient allows us to save resources in achieving other goals. Maybe things we couldn't do unless we had economized.

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34.

Important to realize that time is precious

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35.

Any time I use to do achieve something could be used to achieve something else...

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36.

Opportunity cost

sum of all that is lost from taking one course of action over another
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37.

Let's say I win the lottery tomorrow

20 million for arguments sake.  3 things I want to do...
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38.

3 things i'd like to do

  • Travel to Japan and train with ninjas for a few years
  • I might defend Gotham City after I finish...
39.

3 things i'd like to do

  • Woo Jennifer Lawrence
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40.

3 things i'd like to do

  • Buy a badass boat with a helicopter pad  
41.

Whichever awesome situation I pick...

unfortunately, I won't be able to afford all three :(
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42.

The opportunity cost of becoming Batman is based on the satisfaction lost from the next best choice... Let's be honest, they're all amazing.

43.

Any time you're making a serious decision

plan carefully and weigh your options, 

Peter Melkonian