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Ap Econ 4 Big Ideas

AP Econ- 4 Big Ideas

AP Econ- 4 Big Ideas

Presentation

•

Social Studies

•

12th Grade

•

Practice Problem

•

Easy

Created by

Michelle Thomas

Used 11+ times

FREE Resource

29 Slides • 11 Questions

1

Welcome to Economics!

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3

Today you’re learning just four big

ideas to start your economic

journey!

And now it begins...

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5

Can you relate

to this?

6

What about

this?

7

Do you have enough time to do

everything you want to do?

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11

Open Ended

What conditions can produce scarcity?

Hints:

When have bottled water and generators been scarce in our area?

What natural event led to this scarcity?

Type response here

12

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Open Ended

What other resources do you believe will become more scarce and valuable in the next 20 years?

Type response here

15

Poll

Turn & Talk: Discuss with your partner whether or not you believe it is right to privately own a vital resource such as water. Then vote.

It is right to own a vital resource

It is NOT right to own a vital resource

50/50 split

16

Economics=
study of people &
choices and how
we use scarce
resources.

17

MICROeconomics
zooms in to look at
people, families,
and businesses.

MACROeconomics
zooms out to look
at whole countries
and societies.

18

MACRO= whole countries and
societies.

MICRO= people, families, and
businesses.

19

Drag and Drop

MacroEconomics: focus on the bigger picture. This branch of economics studies

MicroEconomics: focus on the little picture. This branch of economics studies

Drag these tiles and drop them in the correct blank above

whole countries & the world

Individuals & Businesses

20

Big Idea #2:
Economists categorize
society’s resources into
four categories called
PRODUCTION FACTORS:
land, labor, capital, and
entrepreneurship.

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FACTORS OF
PRODUCTION: land,
labor, capital, and
entrepreneurship.

The 4 Production factors are
used to CREATE everything in a
society

23

Categorize

Options (20)

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Something that comes from the Earth itself

Jobs/Actions performed by humans

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A good that is used for a service or to create another good

Question image

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The spark or idea to combine the other three factors into a product or business

Question image

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Organize images & definition into the correct Factor of Production (Production Factor/Resource)

Land

Labor

Capital

Entreprenuership

24

Big Idea #3:
Because resources
are scarce, society
faces trade-offs.

(In order to get something,
you have to give up
something else.)

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Trade offs= giving
up something to
gain something.

27

Open Ended

Question image

List three trade offs of coming to school every day.

Type response here

28

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31

Multiple Choice

What is the opportunity cost of the man choosing to sleep in the previous image?

1

Pancake Breakfast

2

Watching TV

3

Missing his flight

4

Sleeping in

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Fill in the Blanks

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35

Open Ended

The four production factors are _____, _____, _____, and _____.

Type response here

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37

Fill in the Blanks

Type answer...

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39

Fill in the Blanks

Type answer...

40

Welcome to Economics!

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