Unit 1 - Weebly

Unit 1 - Weebly

UNIT 1 Economic Fundamentals- the Basics MICRO V. MACRO ECONOMICS Microeconomics: the branch of economics that examines the choices of individuals concerning ONE product, ONE firm or ONE industry. Macroeconomics: the branch of economics that examines the behavior of the WHOLE economy at once.

THE ECONOMIC WAY OF THINKING What is economics? Started with the writings of Adam Smith 1776 he wrote a book entitled The Wealth of Nations He believed that competition was the key to a strong economy (now we would look at supply and demand in the market place) He is considered the Father of Economics It is the study of how individuals and nations make decisions based upon scarcity and available resources WHAT IS ECONOMICS? Economics is the study of how people try to satisfy unlimited, and competing, wants through the careful use of scarce resources

The Main Problem: The fundamental problem facing all societies is SCARCITY Condition that results for society not having enough resources to produce all things people would like to have WHAT WILL WE STUDY? Everyday mysteries and economic enigmas Why do brides spend so much money on a dress they wear one time? Why is popcorn at the movie theater so much more

expensive than at the grocery store? Why do we put $2.99 on an item rather than $3.00? Why do people pay for bottled water rather than drinking tap water? How do people use their limited resources to satisfy their unlimited wants? Resources are scarce and are used to make a good or service Multiple uses for a single resource Think about trade and comparative advantage along with globalization Think about a pencil PENCIL

WHAT WILL WE STUDY? Science of Decision Making Marginal analysis Marginal Cost v. Marginal benefits Positive v. Normative Economics Facts and how things are? V. analysis of choices and how things ought to be? The unemployment rate is 7.7% The government should pay down the debt. 7 PRINCIPLES OF ECONOMICS Scarcity forces trade offs There is no such thing as a free lunch

Costs v. Benefits Costs: our time, effort and money spent Benefits: our gain in time, gain in money and our experience PRINCIPLES Thinking at the margin What will I receive for investing that extra dollar or hour? Incentives matter Positive grades and money Negative detention, jail time, fines Trade makes people better off Comparative advantage lower opportunity cost

Mutual gain by both parties PRINCIPLES CONTINUED Future Consequences Markets Coordinate Trade Brings together buyers and sellers Cyberspace Invisible Hand Grocery Stores Todays actions may have unforeseen consequences law of unintended consequences TOOLS USED IN ECONOMICS Models Rational behavior model Scientific method natural experiments

Data from society Graphs and more graphs Visual representation Variables X axis (horizontal) and Y axis (Vertical) Self interest Assumptions Ceteris Paribus other things being equal ECONOMIC DECISION MAKING Why Scarcity? Unlimited wants by people (vs. needs that deal with survival) Time and money Goods (tangible items) and services (activities by others to assist us)

Resources (land, labor, materials, machines) Shortages (temporary) due to fads, wars, natural disasters INPUTS, OUTPUTS AND FACTORS OF PRODUCTION Land Capital Financial capital is MONEY The gifts of nature Physical capital is the items used to produce Perpetual (wind) other goods

Renewable Tools, machines and buildings Nonrenewable (oil coal and natural Industrial Revolution replacing labor gas) Labor Time and effort Physical and Mental Human Capital knowledge and skills Increase human capital and productivity increase standard of living FACTORS OF PRODUCTION 20th C. Entrepreneurs: Entrepreneurship

Combination of the other factors of production Innovator Strategist has the vision Risk taker gives time, energy and abilities Spark Plug energy behind the products Bill Gates Henry Ford Raymond Kroc McDonalds Larry Ellison Oracle Warren Buffet Sam Walton Walt Disney John D. Rockefeller Ross Perot Milton Hershey WANT OR A NEED?

Your socks are worn out so you go to the store to buy new ones. Your go to the store and buy eggs, butter, milk and a loaf of bread. You buy paper and markers so you can make your grandmother a special card. Your family has a brand new swimming pool put in the backyard. Your father stops at the gas station and puts 10 gallons of gas into his car. Your fathers birthday is coming up. You buy him tickets to a football game as a gift. Your mother takes your sister to the eye doctor and buys her a pair of glasses. PRODUCTIVITY Increases due to: More output from the same amount of input (more efficient and use of incentives) More output with fewer inputs technology assists us with this

WHAT DO WE GIVE UP WHEN MAKING A DECISION? Maximizing Utility Opportunity Cost Total satisfaction improvement to our lives Loss of benefits from the next best choice Trade offs Make that how much decision All alternatives not chosen

Marginal utility the extra satisfaction Law of Diminishing marginal utility Negative utility - HOW DO WE MEASURE? Law of Increasing Costs Production Possibilities Frontier/ curve draw both in your notes Allocative efficiency Depends on where a point is located What does society want to do with their limited resources. This model shows us productive efficiency Best use of resources None are underutilized

Constant Costs ECONOMIC SYSTEMS 3 Basic questions to be answered What goods or services are to be produced? How are the goods and services to be produced? For whom are the goods and services to be produced? Decisions for Question 3: (how to answer) Ability to pay Equal distribution First come, first served According to need WHAT ARE THE GOALS

OF A SOCIETY? Economic Growth Economic Freedom Ability to make your own decisions Little government intervention More & better goods Raise the standard of living Scientific and technological innovation Economic Efficiency Economic Stability Are we getting the most Provide for less fortunate

out of our resources? members Full employment Economic Security Economic Equity Goods and services we rely Fair and just distribution on are available when we of wealth want/need them Debate over this goal ECONOMIC SYSTEMS Market Traditional Oldest form Customs and habits are the basis of decision making What to produce? Look at history

How to produce? Farming, herding, fishing, hunting gender lines Who benefits hierarchical structure Goals of the society stability and security Newest form What to produce based on individual consumers and producers Goal Economic freedom and efficiency Command Economies Oldest include: Egypt, China and Mesopotamia New ones include China and Russia Ruler makes economic decisions in the best interest of the people Goal economic security FLOW OF MONEY/GOODS

IN A MARKET ECONOMY Resource Market Circular flow model Household Firms Land, labor and capital Product Market Goods that are sold and produced CAPITALISM GIVES RISE Industrial Revolution TO SOCIALISM Capitalists (those with the factors of production and money) become wealthier 1848

Karl Marx and Friedrich Engels Communist Manifesto Socialism property owned by society a revolt final phase is communism (all property and wealth) Modern Command Economies 1917 Russia Soviet Union Economic Planning Equity and security as their goals Shortages Ignore incentives matter principle MIXED ECONOMY AND DECISION MAKING Government Role Protect people and rights Currency do we have a stable system? A uniform system? Legal system to enforce contracts can I do anything I want with my personal property?

Regulation Child labor laws Environmental concerns safety issues Provide Public Goods Roads, defense Should health care and college educations be provided to all? Think about taxes and benefits? FLOW OF GOODS AND MONEY IN A MIXED ECONOMY Now we have 3 participants Households Businesses Government Purchases land, labor (factor market) and goods (product market) Collects Taxes and provides goods/services

FREE OR REPRESSED Free ability to NATIONS? make your own decisions 6 free Hong Kong Singapore New Zealand Switzerland Canada And the US is ranked 17th as of

2014 KEY CHARACTERISTICS OF US ECONOMIC SYSTEM Economic Freedom Property Rights Laissez Faire attitude but with some laws Competition Land, buildings, goods you own Intellectual property patents (20 years) and copyrights (lifetime plus 70 Years) Incentive to business efficient use of resources

Variety of goods Profit Motive Equal Opportunity Limited Government Discrimination issues Binding Contracts Agreement Legal system upholds Bankruptcy just in case

Positive incentives Protect property rights General welfare Stabilize the economy Preserve competition Protect consumers, workers and environment SPECIALIZATION AND ECONOMIC INTERDEPENDENCE Improve Productivity Encourage trade You become highly skilled at a specific task Result is the division of labor Works if a dense population and not isolated (urban v.

rural) Increases with communication and transportation development Trade to get items you do not make Voluntary exchange (barter v. money system) Money system medium of exchange Barter coincidence of wants SPECIALIZATION AND ECONOMIC Creates interdependence INTERDEPENDENCE Trade barriers tariffs, quotas restrict trade Article I, Section 8 commerce

clause foreign nations, between the states and Indian nations HOW DO NATIONS GAIN FROM SPECIALIZATION AND TRADE? Absolute advantage You are able to do more with the same resources No competition Comparative Advantage You are able to use a lower opportunity cost to produce an item What are you good at? Nations have a comparative advantage due to:

Climate Natural resources Educational levels Wage levels Technological differences HOW DOES TRADE MAKE US WEALTHIER? Goods are being placed into the hands of those that value the item more Trade lowers the cost of goods

Garage sales e Bay Opening of markets to other goods Mass production reduces over all cost (economies of scale) Trade increases the quantity and variety of goods available Trade creates more winners than losers Some will lose, but benefits outweigh the costs CHAPTER 15: THE US AND GLOBAL ECONOMY Why the growth in global trade?

Growth and advances in our transportation systems Improved communication allows for quick transactions Shift to items that are easier to transport Why countries trade? Comparative advantage due to: Climate differences (tropical mangos and coffee; temperate wheat and corn) Differences in factors of production Differences in technology high valued goods GLOBAL TRADE Differentiated products promote global grade

Varied styles, materials, and tastes Look the different types of cheese and leather goods WHAT GOODS AND SERVICES DO COUNTRIES TRADE? Imports Imports continued US major importer (worlds leading) Industrial supplies and fuels (chemicals, cotton, petroleum) with crude oil being number ONE Consumer goods (not cars) appliances , televisions, clothing, jewelry and cosmetics

Capital goods Machines, computers, telecommunications (cell phones) WHAT GOODS AND SERVICES DO COUNTRIES TRADE? Exports Mainly capital goods Civilian aircraft Industrial machinery (high tech and high levels of human capital) Telecommunication - satellites AMERICA TRADES Growth of service exports 2007 1/3 of exports Engineers, education, information services, tourism, banking and entertainment

MARGINAL ANALYSIS Benefits to consumers Impact on US workers Variety of goods and services available Lower prices Increases efficiency of domestic producers Flow of ideas and new innovations increase Negative loss of jobs could be short term when we retrain Retraining of people Does this lead to structural unemployment? HOW AND WHY COUNTRIES REGULATE TRADE?

Customs Department is in charge of our trading issues within the United States Trade Barriers are they used to protect? Protective Tariffs Quotas Trade Embargoes Voluntary Export Restraints Debate over trade restrictions

Jobs Argument National Security Argument Infant Industry Unfair Competition Argument Protection as bargaining chip Environment and Labor Standards TRADE BARRIERS Protective Tariffs Tax on imports Raise revenue Increase prices Hawley Smoot Tariff Act 1930 passed 40% tax -- no trade

2008 stats 4.7% on pianos; 6.8% on cut roses; 4% on felt pens Quotas Limit the quantity of a good that may be brought into a country No revenue to home country Increase in prices 1960s to 1990s textiles had import quota TRADE BARRIERS Trade embargoes Ban on trade with certain nations due to political issues 1960 Cuba 1986 South Africa Voluntary Export

Restraints The nation sets its own export quota In the 1980s Japan and their export of cars to the United States DEBATE OVER TRADE RESTRICTIONS Jobs Argument Infant Industry Argument Loss of high paying jobs to lower paying countries Steel tariff higher US steel prices increased prices of items using steel reduced the sales Allows the country to expand where they have the comparative advantage

Increase in jobs that deal with retail businesses How do we know which new industry will make a profit? Do we protect all of them or just those that will make a profit? National Security Argument Protect our defense, our oil and our steel National needs Unfair competition argument Are there really fair rules for all involved? Subsidized companies in some nations prices are lower Dumping grounds priced lower than the costs and

dumped into foreign countries ARGUMENTS Protection as bargaining chip threat of an embargo Negative incentive Environment and labor standards Stricter laws protecting the environment tend to increase overall costs Lax laws economic advantage but usually in poorer nations are we taking advantage TRADE RESTRICTIONS Why are they widespread? Lobbying groups for specific industries

Cheaper prices Reducing trade barriers through international agreements NAFTA 1994 United States, Mexico and Canada European Union 1993 27 nations by the year 2009 reduce tariffs General agreement on trade and tariffs GATT first international agreement 1948 23 nations WTO 1995 153 nations- try to resolve trade disputes FOREIGN EXCHANGE AND RATES If we buy a great deal of Mexican goods, then we increase the Demand for pesos. So instead of $1 equaling 10 pesos, you only Get 9 pesos for a dollar. The value of the dollar has depreciated Strong Dollar Number of pesos per dollar increases

Imports to the United States increase Exports from the United States decrease Better for the consumers Weak Dollar Number of pesos per dollar decreases US imports decrease but US exports increase Better for the producers EXCHANGE RATE SYSTEM Floating exchange rate Changes with the supply and demand Dominant in todays world Unpredictable could be bad because it might disrupt

trade Fixed exchange rate Set by the government Allows the government to make plans Government is readily involved in the market IMPORTS, EXPORTS AND THE BALANCE OF TRADE Balance of trade Difference between the value of exports and imports (those items leaving the country and those items coming into the country) Exports are greater than imports We have a trade surplus

Strengthens our currency Value of the dollar will increase Exports are less than imports We have a trade deficit More money is going to our trading partners More money in the hands of foreign investors Value of the dollar will decrease FINANCING OUR TRADE DEFICIT Borrow money (dollars) from foreign lenders in the year 2007 40% of treasury securities were owned by foreign investors Sell US assets to foreign investors Foreign direct investment Japanese auto plants in the United States 2007 this accounted for $230 billion Allows them to purchase stock

PLAYERS IN GLOBALIZATION World Trade United Nations Critics does this group work to help the wealthy nations more? Do they endanger the environment? Do they endanger the rights of workers? Created Post World War II Aid to poor countries Agreements to protect the environment, defend human rights,

protect cultural traditions Organization (WTO) PLAYERS CONTINUED World Bank Initial goal Help Europe recover from WWII Funds for infrastructure to eliminate poverty International Monetary Fund (IMF) Reconstruct banking systems NOW: economic advice and assistance if you have too much foreign debt Lender of last resort lower interest rates and

you must use austerity measures (cut spending) Non government organizations How is trade affecting the environment Sierra Club, Greenpeace and the World Wildlife Fund How is trade affecting social issues? Oxfam International, CARE, Global Fund for Women and Save the Children MULTINATIONAL CORPORATIONS PLAY A CONS Promote ROLE globalization by

moving goods, capital, information and people across borders In 2002, 29 of the top 100 large economies belonged not to nations but corporations Exxon/Mobil equals that of Pakistan GE equals that of Kuwait Toyota is two times the economic worth of Guatemala GE is greater than Kuwait, Romania and Morocco combined Harm environment Take advantage of workers (low wages and poor working conditions)

PROS Generate trade which increases countrys revenue Investments made into the country Jobs are created unemployment decreases Train people in technology and business sense FINAL PLAYERS Sovereign nation-states Full authority over borders and people In charge of the capital flow (money coming in and out of a nation) Limit trade barriers WTO v. national sovereignty

As we view the video on the Effects of Globalization answer The questions on your worksheet. GLOBALIZATION INDEX Trade and investment How open to trade are you? Personal Contacts Technological connectivity Political Links Consists of 72 countries indexed 97% of the world GDP and 88% of the population High ranking Singapore, Hong Kong, Netherlands, Switzerland, Ireland, Denmark, US, Canada, Jordon and Estonia Wealthier nations Low ranking

India, Nigeria and Peru Poorer nations MEASURING ECONOMIC DEVELOPMENT Developed Countries Developing Countries Wealthiest Advanced Industrial, high per capita GDP Stable political and legal institutions Public services- water, power, schools, telecommunications, and transportations US, Canada, Japan, Australia, New Zealand, Israel, Western Europe, Singapore, South Korea, Taiwan and South Africa Most nations fall into this category Process of modernization is taking

place Less access to goods and services Newly industrialized countries Large gap between the rich and the poor Rapid change from agricultural base to industrial base China, Brazil, Saudi Arabia and Kuwait (their high GDP is due to oil) MEASURING CONTINUED Least developed countries Wide spread poverty Subsistence farming Liberia, Ethiopia, Mali, Cambodia, Afghanistan, Nepal

HUMAN DEVELOPMENT INDEX Used by the United Nations Based on: Life expectancy Education (adult literacy and enrollment in schools) Standard of living (look at the per capita GDP) 2008 Number 1 Iceland Number 12 United States Middle ranked countries China and India Low ranking countries found in Africa GLOBALIZATI ON

Costs 2008 approximately 1/6 of the worlds population lived in poverty Making less than $1.25 a day Do we import their food and clothing? Benefits GDP will grow faster than in wealthy countries Per Capita GDP might decrease HDI will increase (human development index) FOUR ASIAN TIGERS 1970s: exports led development of the nations Money into capital machines which increased the number of goods which increased

economic growth Includes nations of: South Korea focus on clothing and sneakers Singapore Taiwan focus on electronic goods and Hong Kong Government placed a high tariff on imports 1970-1989: 7-10% GDP growth v. the norm of 34% found in the world Invested in Education HAS GLOBALIZATION HELPED OR HURT THE ENVIRONMENT? Natural Resources are being used for manufactured goods what about scarcity?

Pollution and the endangerment of wild species? Climate change In 2007, the United Nations predicted that average temperatures would increase between 3.5 and 8 degrees by the end of the century Sustainable Development Is there enough to meet the needs of today without harming the needs of the future? Tree for Tree Pollution Havens Countries without strict environmental laws who should make the decision? BENEFITS OF GLOBALIZATION Environmental Kuznets International Cooperation curve

Incomes increases so does the care for the environment Speed up economic development to address the issues 1987: Montreal Protocol on Substances that Deplete the Ozone Layer 1970: Save the Whales DOES GLOBALIZATION ENRICH OR THREATEN LOCAL CULTURES Costs to local cultures Loss of languages (3500 of 7000 languages will disappear by the end of the century) Traditional clothing, foods, music and folklore what happens to them?

Benefits to local cultures Global reach of the American culture Americanization McDonaldss, music, television Is this cultural imperialism? Global village for sharing Larger markets for goods Cultural diffusion NEXT CLASS PERIOD Test time Reading challenges Multiple choice questions Matching which economic system (command, market, traditional or mixed)

Study your study guide for the test All the reading challenges for chapters 1, 2, 3, 4, 15 and 16 must be completed by the day of your test. Late work deduct 20% of possible points each day late (not class day, but calendar day) Adam Smith picture: http://www.brainpop.com/educators/community/bp-topic/adam-smith/ Wealth of nations picture http://newsletter.gw.edu/graphics/image/2008-02/smi7051.jpg http://www.growpilot.com/wp-content/uploads/2013/10/No-Free-Lunch.jpg http://fitnesspatterns.com/wp-content/uploads/2012/10/Cost-vs-Benefit-analysis-NEW.png http://www.duffka.com/_/rsrc/1304101717399/basic-economic-concepts/scarcity-choice-and-opportunity-cost/scarcity_image003.jpg?height=194&width=320 Oprah http:// t1.gstatic.com/images?q=tbn:ANd9GcRDTlEDnhjoFqQCLpepaucO4fI5mWyBCP_eBh356Az_XqeH9onURA:www.entrepreneur.com/dbimages/slideshow/9-famous-entrepreneur-philantropists-oprah-winfr ey.jpg Simon http://t1.gstatic.com/images?q=tbn:ANd9GcSLum6EJDfSypNx2goEilucuBVNKDxhK8YZzYy1eLcuTNioirNx:www.carsonsports.com/wp-content/uploads/2013/07/Famous-Entrepreneurs1.jpg

http://venturevillage.eu/wp-content/uploads/2013/01/Steve-Jobs.jpeg Bill Gates: http://cdn.famous101.com/wp-content/uploads/2012/03/Bill-Gates-300x232.jpg http://universitymacro.wikispaces.com/file/view/l.png/123687197/l.png http://2.bp.blogspot.com/-8L7SJnqxCZA/Uk69VRuRBVI/AAAAAAAAThM/CnBOdApMkXE/s1600/Economic+Systems.JPG Circular Flow: http://www.myknowledgeblog.com/wp-content/uploads/2014/03/Circular-Flow-Diagram.png Karl Marx http://a2.files.saymedia-content.com/image/upload/c_fill,g_face,h_300,q_80,w_300/MTE1ODA0OTcxNzE5NjI0MjA1.jpg Friedrich Engels http://2.bp.blogspot.com/-avh-QiL_JhU/UOckQIH9LmI/AAAAAAAAAGE/QAndcNmclpM/s1600/Friedrich+Engels+Biography.JPG http://4.bp.blogspot.com/-EqnefhZujJA/UqM0YJCgCpI/AAAAAAAAfXY/p6js5KdEO4I/s1600/600898_10202629652722533_1731473012_n-894.jpg Regulations: http://www.exohuman.com/wordpress/wp-content/uploads/2012/02/illegal-lemonade.jpg Public goods http://www.tutor2u.net/blog/files/blog-lighthouse-290110.gif https://courses.byui.edu/ECON_150/ECON_150_Old_Site/images/Circular_Flow_03.jpg http://www.theblaze.com/wp-content/uploads/2014/01/rsz_screen_shot_2014-01-14_at_21725_pm.jpg https://lh4.googleusercontent.com/_1iT3ntgDbgQ/TR5MqDK5rBI/AAAAAAAAABA/0mbylmz_YaE/Barter-System.png Interdependence http://www.econed-in.org/images/CC/Interdependence2MH13-s.jpg http://www.decisionsonevidence.com/wp-content/uploads/2012/01/Where-do-US-exports-go.png http://www-tc.pbs.org/prod-media/newshour/photos/2012/01/27/FreeTrade-country_flags_blog_main_horizontal.JPG http://nicholsoncartoons.com.au/wp-content/uploads/2011/02/2010-10-05-European-Union-trade-barriers-600.jpg http://webpages.scu.edu/ftp/rnwright/images/developing_nations_map.jpg http://www.marketbusinessnews.com/wp-content/uploads/2014/03/Four-Asian-Tigers.jpg http://ts3.mm.bing.net/th?id=HN.608033271905386849&w=188&h=179&c=7&rs=1&pid=1.7

http://filipspagnoli.files.wordpress.com/2008/09/environmental-kuznets-curve.jpg?w=465&h=415 http://media-cache-ak0.pinimg.com/736x/b4/7f/61/b47f613bb1d1f395728e62a71d60f06b.jpg http://etec.ctlt.ubc.ca/510wiki/images/thumb/f/f5/Image002.jpg/250px-Image002.jpg http://adrthoughts.files.wordpress.com/2013/09/mcdonalds-glocalization.jpg

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