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By the end of this lesson you will be able to:

Understand the basics of economics

Identify and use fundamental economics terminology and concepts

Relate markets, entrepreneurship, productivity and other concepts to each other

What is Economics?


Economics is the science that studies how people, businesses, industries, and nations deal with scarcity and incentives.

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Economics can be used to predict and understand a wide range of events, from personal finance to the interactions between whole national economies.

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What is Economics?


The principles of economics are primarily used to explore and predict how goods and services are managed in the face of scarcity and incentives, which we will discuss shortly.

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Goods and services are all of those resources that people want and need to survive and prosper.

SKILL CHECK
Choose the best answer to the following question.

Economics involves which of the following?

A
The study of personal finance

B
The study of how national economies interact

C
The study of incentives and scarcity

D
All of the above


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Scarcity and Incentives


Scarcity
In principal, there can never be enough resources to satisfy all human wants. This condition is called scarcity.

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Example: There are six people in a room who all want a cookie, and there are only 5 cookies available.

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Scarcity and Incentives

In this situation, each person, or the group as a whole, has to make a number of choices in order to deal with the scarce resource of cookies. There are any number of methods by which the cookies could be distributed.


How the cookies are divided up among the group depends on the advantages or consequences of each particular cookie-dividing method.

Scarcity and Incentives


When there aren’t enough resources to go around, people are forced to make decisions based on what is available and what their choices will cost.

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The rewards or penalties that come with these choices are called incentives. No choice exists without an incentive of some kind.

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Scarcity and Incentives

Example: I really want dessert, but I’m very full. If I eat dessert, I will have an upset stomach, but my want for dessert will be satisfied.


In this situation, the incentive is the satisfaction that will come from eating dessert, which is an incentive to eat dessert…

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Scarcity and Incentives


…and the ill feeling that comes with eating too much, which is an incentive to not eat dessert.

Whichever incentive is the most powerful will decide whether or not you have dessert.

SKILL CHECK
Click and drag the scarce resources into the designated box.

An emergency room at a hospital requires 5 doctors and 11 nurses to be at work on weekends. The hospital also requires 12 cases of antibiotics and 14 cases of painkillers to manage their normal patient intake. There are 6 doctors but only 7 nurses available. They have 16 cases of antibiotics and 11 cases of painkillers.
In the following scenario, which things could be considered to be scarce?

Painkillers

 
Antibiotics

	
Doctors

 
Nurses

Which resources are scarce?

 OKRESET


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SKILL CHECK EXPLANATION
In this scenario, there are not enough nurses or painkillers to meet the emergency room's need for the weekend.


There are not enough painkillers or nurses to satisfy the emergency room's need.

Opportunity Cost


In order to get what we want, we often have to give something up. The most valuable thing we give up in order to get what we want is known as an opportunity cost.

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Example: A woman wants to take a weekend vacation to the beach. She can either leave Friday morning or Saturday morning.

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Opportunity Cost

If she leaves Friday morning, she will have an extra day in the sun but will miss a day of work, thus reducing her available spending money.

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If she leaves Saturday morning, she will have more spending money but not as much time to enjoy spending it.

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Opportunity Cost


The opportunity cost for leaving Friday morning is the lost wages. This is balanced by the incentive of having the extra time at the beach.

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The opportunity cost for leaving Saturday morning is the lost time at the beach. This is balanced by the incentive of having the extra spending money.


SKILL CHECK
Choose the best answer from the drop down boxes.


A mechanic owns his own repair shop. If he works eight hours a day, he can complete a maximum of four vehicle repairs each week. Currently, business is very good, and the mechanic is repairing seven vehicles each week. In order to complete his work in a timely manner, he can either work twelve hours a day instead of eight, or he can hire another mechanic. 

Either choice has an opportunity cost and incentive(s). What would be the opportunity cost and incentive(s) of the mechanic working longer hours? 

Opportunity Cost:          Incentive: 


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Comparative Advantage

When goods are being produced or traded, there is always going to be an opportunity cost. A lot of thought goes into reducing opportunity cost.

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Whoever can produce goods or services at a lower opportunity cost than others producing the same goods or services has the comparative advantage.

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Comparative Advantage

Example: A company makes tools. They employee 20 people to run 10 machines, and they are able to produce 10,000 tools a month.

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Another company produces the same tools. This company also has 20 employees and 10 machines, but the employees are much better trained, and the machines are much faster. Thus, this company is able to produce 25,000 tools a month.

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Comparative Advantage

The better trained employees and the faster machines appear to give the second company a strong comparative advantage over the first company, but that may not be the case.

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To determine comparative advantage, it is necessary to compare opportunity costs. If the second company’s employees and machines are vastly more expensive than the first company’s, then the advantage is cancelled out by the costs.

SKILL CHECK
Choose the best answer from the drop down box.


Two companies make computers. 
Company A employs 50 people at an average cost of $35,000 a year per employee and is able to produce 5,000 computers a year.
Company B employs 40 people at an average cost of $45,000 a year per employee and is also able to produce 5,000 computers a year. 

Which company has the comparative advantage?



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Labor and Capital


The two tool companies given in the previous example appear to be identical except for two critical factors: the cost and competence of the employees, and the cost and speed of the machines.

These two factors are called labor and capital, respectively.

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Labor and Capital

Labor is the human element; all the human work and thought that goes into producing goods and services.

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Capital is the material element; any goods that are used to produce other goods and services.

Labor and Capital

Example: Consider a farmer working his farm. His manual effort of tilling and planting the fields, tending the crops, and collecting the harvest is labor.

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Labor is not just physical work. The mental effort of deciding what crops to plant or what fertilizers and pesticides to use is also labor.

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Labor and Capital


The famer’s capital includes physical assets and equipment, such as the land, barns, silos and tractors. It also includes other goods necessary to produce crops, such as seeds.

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Capital also includes the somewhat more intangible financial assets of cash, savings, and financial investments.

SKILL CHECK
Select the appropriate words for each drop-down item.


Labor is the  effort involved in producing goods and services. It involves both  labor and   work. This differs from capital in that capital is the  aspect of business. It involves  	assets, such as machines and land, as well as 	 assets, like cash and savings. Both are necessary for a productive business.


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Entrepreneurship

When individuals organize capital and labor toward producing goods and services, this is called entrepreneurship.


An entrepreneur is someone who assumes the risk of a business venture in order to turn a profit.

Profit


Profit is the income generated from a business venture. It is the ultimate economic goal for a business and the incentive for entrepreneurs to assume the risk of starting and running a business.

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Profit is determined by comparing how much money the business makes from sales with how much it cost to produce the goods and services sold.

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Profit

To calculate profit, you will need to know two things: 
Total Revenue and Total Cost.


Total Cost is the sum of all expenses involved in running a business.

Total Revenue is the price of goods or services sold multiplied by the quantity sold.

Profit is Total Revenue minus Total Cost.

Profit


Example: Our tool company with the well-trained employees and the fast machines produces 25,000 tools a month. They sell their tools for $9 each.

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The Total Revenue is the price of goods or services sold multiplied by the quantity sold, or 25,000 tools x $9 = $225,000

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Profit


The Total Cost is the sum of all expenses necessary for running a business. Let’s suppose that wages for 20 employees are $50,000 a month and the cost to operate 10 machines is $30,000 a month.

$50,000 + $30,000 = $80,000

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Profit

The profit for the tool company is the
Total Revenue – Total Costs.


The Total Revenue is $225,000
The Total Costs are $80,000

$225,000 - $80,000 = $145,000

The company’s profit is $145,000 a month. Not too shabby.

SKILL CHECK
Evaluate the following. Type the best answer.

A company produces air conditioning units for large factories. The company produces 1,500 units every year and charges $57,000 per unit. The company spends $13,200,000 a year on its employees and $12,210,000 on its facilities. It also spends $1,250,000 a year on advertising and $2,170,000 a year upgrading its machinery. 

What is the companies yearly profit? 

Enter the numbers only (no dollar sign, $, or comma) into the appropriate box. 


 Total Revenue -  Total Cost =

 Dollars per year in profit

Confirm
TYPE YOUR ANSWER AND CLICK ON CONFIRM.


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Loss

Now we know that the profit for the tool company is calculated by taking the Total Costs from the Total Revenue. What happens when the Total Costs are greater than the Total Revenue?

This is called loss.


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Loss


Imagine the Total Revenue for the tool company remains the same at $225,000. What happens if the Total Cost skyrockets?

Let’s suppose that the employees demand three times their current wages, and the cost to operate the machines quadruples.

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Loss

When we put numbers to the situation we get the following:

$150,000 + $120,000 = $270,000
Now the Total Cost is $270,000, but the Total Revenue is only $225,000

Total Revenue – Total Cost is
$225,000 - $270,000 = -$45,000


This means the tool company has lost $45,000 this month.

SKILL CHECK
Evaluate the following. Type the best answer.

The same air conditioning unit company expands its operation by building a new facility. The company now produces 2,400 units per year but has been forced to lower its price to $47,000 per unit to compete in the market. 
The company now spends $56,700,000 a year on its employees and $36,650,000 on its facilities. It also spends $5,650,000 a year on advertising and $22,120,000 a year upgrading its machinery. 

What is the companies yearly loss? 

Enter the numbers only (no dollar sign, $, or comma) into the appropriate box. 


 Total Revenue -  Total Cost =

 Dollars per year in loss

Confirm
TYPE YOUR ANSWER AND CLICK ON CONFIRM.


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Markets


Goods, services, incentives, scarcity, labor, capital, entrepreneurship, profits, and loss all come together in markets.

A market is a place or situation where buyers and sellers can come together to exchange goods and services.

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Markets


The American economy is based on a free market system. A free market economy is one in which producers compete against each other to supply goods and services to consumers, and there is little or no government intervention.

However, the American economy is not a perfect free market. As we have learned, the government intervenes at times to even out market swings and to minimize corruption.

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Markets

Within markets, there are many different producers, consumers, merchants, and customers. There is a constant give and take between merchants and customers as each tries to buy and sell goods and services.


Competition and Monopoly


Competition
In order to satisfy people’s wants, merchants continually offer better deals and products in order to attract more customers. This is the basis of competition.

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The company that offers the best incentive for the customer to buy their product will be the most successful.

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Competition and Monopoly


Example: Consider the two tool companies. The first company produces good quality tools for $9.00 each. The second company produces tools of equal quality for $10 each. The first company is much more likely to sell its tools in an open market.

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The first company's lower price gives the customer an incentive to purchase their tools instead of their competitor's.

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Competition and Monopoly

If the second company doesn’t change something about how it sells its tools, it is likely to go out of business if people continually purchase tools from the first company.

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The second company can offer a lower price, increase the quality of its tools, offer free shipping or delivery, or do any number of other things to give the customer a stronger incentive to purchase from them as opposed to the first company.

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Competition and Monopoly

Continuing this example, imagine that the second company improves the quality of its tools and reduces the price to $9.00.

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The second company is now offering higher quality tools at the same price. Tool customers now have a stronger incentive to buy tools from the second company rather than the first.


Competition and Monopoly

Now the first company has a problem. They are being outsold by their competitor’s higher quality tools and must respond or risk losing their business.

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In order to draw customers back, the first company lowers its prices by $.50 and offers a repeat customer discount. They offer a new set of incentives for their customers to purchase their tools rather than the second company’s tools.

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Competition and Monopoly


These two companies constantly offer better products and services to attract customers. 

That is the essence of competition.

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When companies compete, the quality of goods and services greatly increases. In order to outdo competitors, companies will continue to improve their products.

SKILL CHECK
Click and drag the best answers into the Being More Competitive box.

Two companies are competing for customers in the automotive industry. Company A is outselling Company B by almost two to one. What are some things that company B could do to be more competitive?

Raise its prices

 
Make better cars

	
Offer a better warranty

 
Charge more for services

 
Lower its prices

Being More Competitive

 OKRESET


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SKILL CHECK EXPLANATION
Two companies are competing for customers in the automotive industry. Company A is outselling Company B by almost two to one. What are some things that company B could do to be more competitive?


All of these are examples of ways that Company B could improve its products and services in order to draw more customers and compete more effectively with Company A.

Competition and Monopoly


Monopoly
Sometimes a single company gains complete control of a particular industry or product.

When one company or individual has either overwhelming or total control of a particular good or service, it is called a monopoly.

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Competition and Monopoly


Monopolies are the opposite of competition. Without competition or government pressure, a business will tend to charge higher prices for lower quality products.

Monopolies are generally bad for consumers because the monopolizing company has no incentive to improve their goods or services, and the customer has nowhere else to buy a necessary product.

SKILL CHECK
Choose the best answer to the following question.

Which of the following is true of monopolies?

A
Monopolies encourage competition.

B
Monopolies are generally bad for customers.

C
Monopolies control only a small part of a market or product.

D
A monopoly will offer the best price and quality for its customers.


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Productivity


Productivity is a measure of what is produced from a business compared to what is put into it.

It is a way to gauge how efficiently a business produces its goods and services.

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Productivity

Businesses and economies are constantly seeking ways to increase productivity in order to maximize profits.


Competition drives the need for more efficient production. The more productive business can generally offer the most competitive products to their customers.

SKILL CHECK
Choose the best answer to the following question.

What is the biggest driver of productivity?

A
Goods and Services

B
Markets

C
Profit

D
Entrepreneurship


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Specialization

Many companies focus on a single product or a limited range of related products. This is specialization.


By focusing their efforts, a specialized company can produce higher quality goods faster and more efficiently.

Most companies, indeed most countries, have some significant degree of specialization.

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Specialization

Example: Imagine the process of building a truck.


This process requires hundreds of unique parts, each with its own manufacturing process

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Conceivably, a single company could produce all the parts to build an entire truck all by itself. This would be extraordinarily inefficient and a dangerously large investment for any company.

Specialization

It is significantly cheaper, easier, and faster to build a truck if each part, or related group of parts, is purchased from a separate company and then used to assemble the truck.




The engine would be purchased from one business, the axles purchased from another, and the body from yet another. Once all the parts are purchased, it is pieced together into a truck.

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Specialization

As an advantage, each company involved limits its risk and increases its productivity by specializing.


On the other hand, each company is dependent on the others. Should one company have problems, the others are going to suffer as well.

SKILL CHECK
Choose the answer from the drop down box that completes the sentence.


1. One advantage of specialization is:   

2. Specialization can lead to:   

3. One disadvantage of specialization is:  


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Interdependence


The more specialized an economy or a system of economies becomes, the more individuals and companies rely on each other in order to be productive. This is called interdependence.

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When a group of companies or economies are fully interdependent with each other, they cannot efficiently produce all of the goods they need by themselves. They need other companies, or economies, in order to satisfy their needs.

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Interdependence

Example: Reconsider the process of manufacturing a truck. A truck manufacturer generally purchases engines, transmissions, axles, truck bodies, etc. from other companies as they are needed.


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Interdependence

Should one of the businesses involved in the manufacture of trucks suffer, it will disrupt the entire operation, as all the businesses depend on each other for success.


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Should one company fail, it will cause hardship for all of the others.

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Interdependence

Conversely, should one business prosper, it generally means that the businesses on which it depends will prosper too.


Continue
Each successful company lends its success to the other companies with which it is interdependent.

SKILL CHECK
Choose the best answer to the following question.

What is one of the advantages of economic interdependence?

A
Businesses can operate in complete isolation from other businesses.

B
There is a greater incentive for cooperation, as one company’s success benefits the cooperating companies.

C
Companies are affected by the failure of other companies.

D
Businesses become more inefficient.


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SKILL CHECK
Select the vocabulary term to its definition.


 A type of economy that is marked by little or no government involvement

 When a business can produce its goods at a lower opportunity cost

 When businesses rely on each other for efficient production

 When businesses vie with each other for customers

 When a business makes a single or a small range of products

 The costliest thing that one must give up to get what one wants

 The material element of business, both physical and financial

 The money a company makes after paying its costs


Confirm
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You have completed this lesson!

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Data

data: {}