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Presentation Plus! Economics: Today and Tomorrow Copyright © by The McGraw-Hill Companies, Inc. Developed by FSCreations, Inc., Cincinnati, Ohio 45202 Send all inquiries to: GLENCOE DIVISION Glencoe/McGraw-Hill 8787 Orion Place Columbus, Ohio 43240

CHAPTER FOCUS SECTION 1 The Basic Problem in Economics SECTION 2 Trade-Offs SECTION 3 What Do Economists Do? CHAPTER SUMMARY CHAPTER ASSESSMENT

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Why It’s Important How do scarce resources–including time– affect you and everyone around you? How do economists simplify the world to help us better understand it? This chapter will explain what economics is and how it is part of your daily life.

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Chapter Overview Economics is the study of how individuals and nations make choices about how to fulfill their wants. Chapter 1 explains scarcity, the four factors of production, the relationship between trade-offs and opportunity costs, and how economists use economic data to test the economic models.

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Reader’s Guide Section Overview Section 1 explains or describes the importance of economics, the relationship of scarcity to unlimited wants, and the four factors of production. 

Objectives – How do wants and needs differ? 

– Why does scarcity face all people at all times?  – What are the four factors of production?

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Reader’s Guide (cont.) Terms to Know – economics 

– entrepreneurship 

– scarcity 

– technology

– factors of production  – land



– labor 

– goods  – services  – capital 

– productivity  Click the Speaker button to listen to the Cover Story.

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Introduction • Economics is the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants.

economics the study of how individuals and societies make choices about ways to use scarce 9

resources to fulfill their wants

Lecture Launcher • In 1901, people discovered oil in Texas— but they were actually looking for water! Disappointed, they offered to trade the oil for water at a ratio of 1:1 (one barrel of oil for each barrel of water).  • Which is a more primary need, oil or water?  • What is the difference between a need an a want?

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Wants Versus Needs • People use “need” and “want” interchangeably.  • Wants are anything other than what is needed for basic survival.  • Needs are things required for basic survival (food, clothing, shelter).

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Discussion Question How can you determine whether or not something is truly a need? How can needs be confused with wants? Needs are few and basic: food, clothing, and shelter. Designer jeans and expensive shoes are not needs. Students should consider what might happen if the need/want is not met.

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Choices • Spending decisions involve choices.  • Each available choice competes with other available choices.  • Businesses, like individuals, must make daily decisions about what to produce, when to produce it, and when to stop producing.  • Societies face choices about how to utilize their resources in the production of goods and services.

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Discussion Question What are some of the choices competing for your income?

Answers will vary. Students may list lunches, movies/entertainment, extracurricular activities, car insurance, etc.

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The Problem of Scarcity • All resources are limited.  • People compete for limited resources.  • Scarcity exists because people cannot satisfy their every want.  • Unlike scarcity, shortages are temporary.

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Discussion Question What is your most scarce resource? What competing uses do you have for that resource? Students may refer to the resources of time, money, knowledge, or life experience. They should clearly understand how the uses of that resource compete with one another.

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Factors of Production • Land—natural resources and their location  • Labor—the work people do  • Capital—manufactured goods used to make other goods and services  • Entrepreneurship—the ability to start a new business or create new products  • Technology— the use of science to develop new products and production methods

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Discussion Question All of the factors of production are important and impact each other. Which factor seems most important to you and why? Answers will vary. As the discussion develops, students should show dissatisfaction with the idea of selecting one factor over another since they are inseparable for efficient production.

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Section Assessment What is the difference between wants and needs?

Needs are basic to survival. Wants are things other than these basic needs.

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Section Assessment Explain why scarcity and choice are basic problems of economics.

Scarcity: there are not enough resources to satisfy everyone’s wants; Choice: everything that exists is limited.

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Section Assessment Summarizing Information Use a search engine to help you research an entrepreneur. Explain what benefits were brought to science by his or her risk-taking entrepreneurship. Answers will vary.

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Section Close Write a paragraph using the following as a topic sentence: Everyone makes economic choices.

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Reader’s Guide Section Overview Section 2 explains how the concept of trade-offs is related to opportunity costs and the production possibilities curve. 

Objectives – How are trade-offs and opportunity costs related?  – How can society’s trade-offs be shown on a production possibilities curve?

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Reader’s Guide (cont.) Terms to Know – trade-off  – opportunity cost 

– production possibilities curve

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Introduction • Scarcity forces people to make choices about how they will use their resources.  • The effects of these choices may be long-lasting.

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Lecture Launcher • During the 1600s, the demand for Holland’s tulips became so great that prices rose to unbelievable levels. In fact, around 1610, a single tulip bulb could be given as the dowry for a bride.  • What do you think the groom might have had to give up in order to offer a tulip bulb in 1610?  • What do you think the trade-off would be today?

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Trade-Offs • Exchanging one thing for the use of another is called a trade-off.  • Trade-offs involve opportunity costs, or the loss of one alternative when you choose another.  • Considering the opportunity cost can help people make decisions.

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Discussion Question Consider all the costs of choosing to play a particular fall sport. Name all the costs and explain whether or not you would still choose to play. Answers will vary. Students should consider the amount of time and money the sport will cost them. They should also consider their next best alternative, or opportunity cost, as they make their decision.

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Production Possibilities Curve • The production possibilities curve shows the maximum combination of goods and services that can be produced from a given amount of resources.  Figure 1.6 • Classic Production Possibilities for Jewelry Example —military spending vs. domestic programs (“guns or butter”) 30

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Production Possibilities Curve • Using a production possibilities curve, a producer can decide how to use Figure 1.7 resources.

Production Possibilities– Military Goods Versus Civilian Goods

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Discussion Question What is the best balance between military spending and domestic programs? What kind of situations might arise that would cause you to change your answer?

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Discussion Question Answers will vary. Many students will begin with the belief that a strong military is imperative; others will argue for domestic programs. Historically, war, military threat, or an economic disaster (like the depression) has caused the United States to shift its resources along the “guns or butter” production possibility curve. 33

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Section Assessment How are trade-offs and opportunity costs related?

Every trade-off involves an opportunity cost.

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Section Assessment (cont.) Synthesizing Information Build your own production possibilities curve with “Hours Spent Watching TV” on the horizontal axis and “Hours Spent Studying Economics” on the vertical axis. Write a caption explaining the opportunity cost of each activity. Answers will vary.

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Section Close Discuss how using a production possibilities curve enables a business to use its resources in an economically efficient manner.

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Reader’s Guide Section Overview Section 3 describes and explains the use of economic models by economists. 

Objectives – How do economists use models to study the real world?  – Why are there different schools of economic thought?

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Reader’s Guide (cont.) Terms to Know – microeconomics  – macroeconomics 

– economy  – economic model  – hypothesis

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Introduction • Economics is a social science concerned with the ways individuals and nations choose to use their scarce resources.  • Economists might analyze how the superrich spend their income, for example, and the effect this spending has on the economy.  • However, they do not judge whether there should be a social strata of the super-rich.

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Introduction (cont.) • Economics is divided into two parts.  – microeconomics



– macroeconomics

microeconomics the branch of economic theory that deals with behavior and decision making by small units such as individuals and firms 41

macroeconomics the branch of economic theory dealing with the economy as a whole and decision making by large units such as governments

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Lecture Launcher • Even scientific models that have been accepted for centuries can be discredited. For example, for over 1,500 years, people accepted Ptolemy’s model of the universe, in which the sun and all the other planets revolved around the earth. 

• What planetary model took its place?



• Would it have been possible to discredit the Ptolemy model without offering an alternative model to replace it?

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Economic Models • Economic models are theories economists use that are simplified representations of the real world.  • Models show how people behave economically.  • When using a model, show basic factors, not every detail.

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Economic Models (cont.) • When creating a model, show basic factors, not every detail.  • Testing models verifies how accurately the models represent reality under certain conditions.

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Economic Models (cont.) • Models may not always be accurate due to the inability to predict human behavior. Figure 1.10 Economic Models Graph A is an example of a model, and Graph B is a test of that model.

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Discussion Question Suppose you want to explore correlations between peace, war, and inflation.  How would you create, test, and apply the model?

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Discussion Question Sample response: Collect inflation data on various countries and look for correlations during peace time and war. Create a model that best describes the relationship you found between war, peace, and inflation. Collect additional inflation data to further test your model. Apply you model by predicting how peace and war will affect a nation’s rate of inflation in the future.

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Schools of Economic Thought • Economists are influenced by personal opinions beliefs, and the government under which they live.  • This leads to different economic theories.  • Different schools of thought can have an impact on laws and government policies.

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Schools of Economic Thought (cont.) • Judgements about economic policies depend on a person’s values. 

• Values are beliefs or characteristics that a person or group considers important.  • The science of economics is not used to judge whether a certain policy is good or bad.

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Discussion Question How can a state’s policies promote strong economic growth? Sometimes states have to consider contradictory evidence. The Cato Institute released a report that showed that higher income taxes deterred economic growth. Another organization disputed the study by showing that the ten states with the highest income tax burden (3.5% compared to the 50-state average of 2.2%) had higher than average economic growth (1.9% compared to the 50-state average of 1.6%).  What values might lead a state to cite one of these studies and ignore the other. 50

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Discussion Question A state which values a high level of governmental service an more equitable distribution of income may be more convinced by the higher taxes, greater growth study. A state that values personal freedom may find the research showing higher taxes to be detrimental more convincing.

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Section Assessment Why are there different schools of economic thought?

Economist’s personal opinions and beliefs may influence how they view facts and fit them to theories. The government under which economists live also shapes how they view the world.

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Section Assessment Distinguishing Fact From Opinion Write three “headlines” about the economy that reveal a value judgment. Then rewrite the headlines to omit the value judgment. Answers will vary.

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Section Close As a class, discuss the following question: How can an understanding of basic economic principles help people become more effective citizens?

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Section 1: The Basic Problem in Economics • Economics is the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants. 

• Individuals satisfy their unlimited wants in a world of limited resources by making choices.  • The need to make choices arises because of scarcity, the basic problem of economics.  • The resources needed to make goods and services are known as the factors of production. 56

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Section 1: The Basic Problem in Economics (cont.) • The four factors of production include land, or natural resources; labor, also known as human resources; capital, the manufactured goods used to make other goods and services; and entrepreneurship, the ability of risk-taking individuals to start new businesses and introduce new products and processes. 

• Some economists add technology to the list of factors of production.

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Section 2: Trade-Offs • People are forced to make trade-offs every time they use their resources in one way and not another.  • The cost of making a trade-off is known as opportunity cost–the value of the next best alternative that had to be given up to do the action that was chosen.  • A production possibilities curve is a graph that shows the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.

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Section 2: Trade-Offs (cont.) • The classic example for explaining production possibilities in economics is the trade-off between guns (military defense) and butter (civilian goods).

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Section 3: What Do Economists Do? • Economists study the economy–all the activity in a nation that together affects the production, distribution, and use of goods and services.  • Economists also formulate theories called economic models, which are simplified representations of the real world.  • Economists test their models in the same way that other scientists test hypotheses, or educated guesses.

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Section 3: What Do Economists Do? (cont.)

• Economists deal with facts, although their personal opinions may sway their theories.  • Economists offer solutions to economic problems, but they do not put value judgments on those solutions.

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Recalling Facts and Ideas What is the condition that results because wants are unlimited?

scarcity

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Recalling Facts and Ideas (cont.) What is the difference between scarcity and shortages?

Scarcity refers to the fixed, or set, amount of resources available to fulfill unlimited wants. Shortages refer to situations where items are temporarily in short supply.

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Recalling Facts and Ideas (cont.) Your friend says, “I need some new clothes.” Under what conditions would this be expressing a need? A want? It would be a need if the clothes were an absolute necessity; it would be a want if a simple desire for more clothes was being expressed.

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Recalling Facts and Ideas (cont.) What are the four factors of production?

land, labor, capital, entrepreneurship

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Recalling Facts and Ideas (cont.) What does making a trade-off require you to do?

It requires you to exchange one thing for the use of another.

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Recalling Facts and Ideas (cont.) What do economists call the next best alternative that had to be given up for the one chosen? opportunity cost

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Recalling Facts and Ideas (cont.) In economics, what is cost?

a foregone opportunity

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Recalling Facts and Ideas (cont.) What does a production possibilities curve show?

A graph showing the combination of goods and services that can be produced with a fixed amount of resources in a given period of time

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Recalling Facts and Ideas (cont.) For what purposes do economists use real-world data in building models? as the basis for testing theories that explain an event or offer a solution to a problem

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Recalling Facts and Ideas (cont.) An economic theory is another name for what?

an economic model

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Recalling Facts and Ideas (cont.) When does an economist consider an economic model useful?

if it provides useful material for analyzing the way the real world works

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Thinking Critically Drawing Inferences and Conclusions Some people argue that air is not an economic good. Explain why you agree or disagree with this statement. Possible answers: Some may agree, pointing out that people do not have to give up anything of value to breathe the air. Others might disagree, noting that because of pollution, an economic cost is paid to clean up the air and to cover the medical expenses of those made sick by the pollution. 74

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Thinking Critically (cont.) Categorizing Information Create three diagrams like the one on page 26 of your textbook and label the center oval with one of the following services: providing financial advice, teaching economics, producing a movie. Fill in examples of each factor of production that went into developing these services.

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Reviewing Skills Sequencing and Categorizing Information 

• In this chapter you learned that some economists add technology as a fifth factor of production.  • Technology is an advance in knowledge leading to new and improved goods and services and better ways of producing them.  • This includes any use of land, labor, capital, and entrepreneurship that produces goods and services more efficiently.

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Reviewing Skills (cont.) • Choose a product or service and then research the technology that went into developing it.  • Construct a diagram, like the one on page 27 of your textbook, that displays in sequential order the technology involved in preparing the factors of production that ultimately create your good or service.  • Share your diagram with the rest of the class.

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When is an automobile considered a capital good?

when it is used to produce a service, such as pizza delivery

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Imagine that you have $100 to spend. Make a list of the items you would like to buy and the approximate price of each item. Add up the prices and, if the total exceeds $100, remove items so that you do not exceed your budget. What choices did you make, and why did you make them?

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Explore online information about the topics introduced in this chapter. Click on the Connect button to launch your browser and go to the Economics: Today and Tomorrow Web site. At this site, you will find interactive activities, current events information, and Web sites correlated with the chapters and units in the textbook. When you finish exploring, exit the browser program to return to this presentation. If you experience difficulty connecting to the Web site, manually launch your Web browser and go to http://glencoe.com/sec/socialstudies/economics/econtoday2005 /index.php/

Explore online information about the topics introduced in this chapter. Click on the Connect button to launch your browser and go to the BusinessWeek Web site. At this site, you will find up-to-date information dealing with all aspects of economics. When you finish exploring, exit the browser program to return to this presentation. If you experience difficulty connecting to the Web site, manually launch your Web browser and go to http://www.businessweek.com

Technology Literature

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Technology “Smart Labels” may one day replace the bar codes that you see on items you buy at the store. These labels contain a computer chip, which can carry a wealth of information. And new data can be added even after the label has been attached to the package. Also, because the chip communicates by radio waves, the label does not have to be held directly in front of a scanner to be read. The radio waves can even penetrate dirt or other grime that might cover the label. The one disadvantage to this new technology is cost–about 30¢ per label.

Literature

American author John Steinbeck, who wrote Grapes of Wrath—the classic study of life in the United States during the Great Depression—used as many as 60 pencils a day.

Coasters Find a Whole New Way to Roll Medusa was new roller coaster introduced by the Six Flags group in 1999. It was the world’s first “heartline” roller coaster. In a heartline, the riders feel as if there is nothing above or below them. On Medusa, passenger’s feet dangle without touching anything below. The tilt of the seat gives riders the impression that they are completely open to the sky above. Read the BusinessWeek Spotlight on the Economy article on page 17 of your textbook. Learn how traditional roller coasters are being modernized, keeping in mind the factors of production needed to perform this Continued on next slide. modernization. This feature is found on page 17 of your textbook.

Coasters Find a Whole New Way to Roll Provide two examples of each factor of production that went into developing the new coasters.

Land–raw materials to make steel for rails and waiting platform; Labor–workers who manufactured new motors and constructed the new roller coaster; Capital–electricity that produces electromagnetic force, computer and robots that built linear induction motor; Entrepreneurship–Premier Rides of Maryland developed new technology, Six Flags America introduced new ride to the public. Continued on next slide. Click the mouse button or press the Space Bar to display the answer. This feature is found on page 17 of your textbook.

Coasters Find a Whole New Way to Roll What is the opportunity cost of spending a day at an amusement park? the next best alternative given up to go to the amusement park

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Economics and You Video 2: What is Economics?

After viewing What is Economics?, you should be able to…  • define economics. 

• give an example of economics scarcity.  • distinguish between needs and wants.  • discuss the trade-offs involved in allocating scarce resources. Continued on next slide. Click the mouse button or press the Space Bar to display the information.

Economics and You Video 2: What is Economics?

Side 1 Disc 1 Chapter 2 Click the Videodisc button anytime throughout this section to play the complete video if you have a videodisc player attached to your computer.

Click the Forward button to view the discussion questions and other related slides. Click inside the box to play the preview. Continued on next slide.

Economics and You Video 2: What is Economics? If an item that everyone needs is scarce, how can it be allocated? through rationing programs

Side 1 Disc 1 Chapter 2 Click the mouse button or press the Space Bar to display the answer.

Sequencing and Categorizing Information Sequencing involves placing facts in the order in which they occurred. Categorizing entails organizing information into groups of related facts and ideas. Both actions help you deal with large quantities of information in an understandable way.

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Sequencing and Categorizing Information Learning the Skill • To learn sequencing and categorizing skills, follow the steps listed below.  – Look for dates or clue words that provide you with a chronological order: in 2004, the late 1990s, first, then, finally, after the Great Depression, and so on.

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Sequencing and Categorizing Information Learning the Skill (cont.) – If the information you’re studying did not happen in a sequential order, you may categorize it instead. To do so, look for information with similar characteristics.  – List these characteristics, or categories, as the headings on a chart.  – As you read, fill in details under the proper category on the chart. Continued on next slide. Click the mouse button or press the Space Bar to display the information. This feature is found on page 9 of your textbook.

Sequencing and Categorizing Information Practicing the Skill • Read the passage on page 9 of your textbook, then answer the questions that follow.

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Sequencing and Categorizing Information How can the facts here be organized sequentially?

1. Twinkies invented in 1930. 2. Dewar thought it wasteful to use expensive shortcake pans for only 6 weeks during the strawberry season. 3. Decided to utilize cake pans for another type of cake. 4. Dewar developed a banana filling and worked out a way to inject it into the cakes. Continued on next slide. Click the mouse button or press the Space Bar to display the answer. This feature is found on page 9 of your textbook.

Sequencing and Categorizing Information Now organize the facts under the categories of Land, Labor, Capital, and Entrepreneurship. Land–strawberries, bananas; Labor–plant, manager; Capital–bakery, expensive cake pans, syringe-like injection tubes; Entrepreneurship– Dewar’s decision to find a way to use the expensive cake tins all year round; the switch from strawberry filling to banana filling Click the mouse button or press the Space Bar to display the answer. This feature is found on page 9 of your textbook.

Pencils–An International Product As you’ve learned, the “land” factor of production includes natural resources. The natural resources that make up a pencil come from all over the world. So a pencil–yes, the simple writing tool you hold in your hand–is an international product.

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The area of economics that uses mathematical models to analyze, interpret, and predict economic behavior is known as econometrics. Economists Ragnar Frisch of Norway and Jan Tinbergen of Holland developed this approach in the 1930s. They won the 1969 Nobel Prize in economics for their groundbreaking work.

Factors of Production Economic development in developing countries, as in developed countries, is linked to the factors of production. Many economists believe that the biggest obstacle to economic growth in developing countries is the quality of labor. With low literacy rates and poor health conditions, labor forces in developing countries do not have the skills needed to keep up with modern technology.

Robert L. Heilbroner 1919–

Click the picture to listen to the biographical overview about Robert L. Heilbroner on page 24 of your textbook . Be prepared to answer questions that appear on the next two slides.

This feature is found on page 24 of your textbook.

Robert L. Heilbroner 1919–

Why is it important to study the great economists of the past? It is important to study the great economists because they had ideas that had historical importance. Click the mouse button or press the Space Bar to display the answer. This feature is found on page 24 of your textbook.

Robert L. Heilbroner 1919–

What impact have economists made in the world? Explain your answer. Economists have made a difference in that their ideas have shaped economic policies and practices. Click the mouse button or press the Space Bar to display the answer. This feature is found on page 24 of your textbook.

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