What has been around since the beginning of time … · What has been around since the beginning of time and is even more prominent today? Government / Economics Coach Searcy

Government / Economics Coach Searcy

What has been

around since the

beginning of time

and is even more

prominent today?


What has been the

driving force of

virtually every leader

& nation in their

imperialistic quests?


What has been the

cause of more wars,

hostile takeovers,

coup de ta’s, and

entrepreneurialistic

endeavors?


What has fueled

capitalism and free

markets

since…well…forever?


STUFF!!!

The desire for

more…

Answer:

But…There’s just one problem.


Do you know

what it is?


There’s NOT

enough stuff to

satisfy the ever

increasing desire

for…

Answer:


MORE!!!


That is called…

SCARCITY


Scarcity is defined as:

Unlimited wants & desires

but limited resources.

In other words…


There’s just not enough

stuff to fulfill everyone’s

needs, wants, and desires.


The science and study of how individuals, businesses, governments and nations make choices about the most effective use and allocation oflimited resources in order to satisfy

unlimited wants and needs.


Scarcity

Productive Resources

Wants

NaturalHumanCapitalEntrepreneurship

Productivity

Gross Domestic Product

Resource Allocation

Choices/Decisions

Opportunity Costs

Interdependence

Specialization

Capital GoodsHuman Capital

What

How

For Whom

Traditional Command Market

Habit and Custom

-Share-Lottery-Contest-Personal Characteristic

-Authority-Force-First-come, first-served

-Price-Majority Rule

Government

Producers and Consumers Agree


The Economic Way of Thinking

Six Principles


1. People Choose


2. People’s choices involve costs.


Cost/Benefit Analysis

Criteria/

Benefit

Alternative

Improve my

knowledge of

Government &

Economics

concepts that will

help me in class

and in life.

Receive tools that

I can use to better

my future

academically,

personally, &

professionally.

Help stimulate

the economy

by spending

money.

Take a mental

health day to

rest and

rejuvenate to be

a better student.

Go to school &

attend class.

Hunker down w/ a

Play Station or

Xbox and binge on

Madden, 2K18,

CoD, or Assassin’s

Creed

Stay home and

sleep.

Hang out with

friends.

Evaluate each alternative as:

+ = Greater benefit than cost

? = Equal or questionable benefit and cost

- = Greater cost than benefit


3. People respond to incentives in predictable ways.

• High Test Scores

• Good Grades and GPA

• Money & Salaries

• Good Job & Career

• Stuff, Stuff, & More Stuff!!

• Better Future for Family


4. People create rules that influence individual

choices and incentives.


5. People gain when they trade voluntarily.


6. People’s choices have future implications.


Economic Way of Thinking1. People choose.

2. People’s choices involve costs.

3. People respond to incentives in predictable ways.

4. People create rules that influence individual choices and incentives.

5. People gain when they trade voluntarily.

6. People’s choices have consequences that lie in the future.

Documents

What has been around since the beginning of time … · What has been around since the beginning of time and is even more prominent today? Government / Economics Coach Searcy