CHAPTER 1 Scarcity, Choice, and Interactions for Individuals and Countries.pptVIP

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CHAPTER 1 Scarcity, Choice, and Interactions for Individuals and Countries.ppt

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CHAPTER 1 Scarcity, Choice, and Interactions for Individuals and Countries

CHAPTER 1 Scarcity, Choice, and Interactions for Individuals and Countries The Central Idea Tiger Woods Economics major at Stanford in 1996 before he chose to become a golf professional Sportsman of the Year 1996 Winner of 65 tournaments by the end of 2008 Includes 14 major championships Over $80 million in prize money Over $500 million in endorsement income on the first decade of play Expected to be the first athlete to earn $1 billion in income The Central Idea Tiger Woods had to make a choice: continue his college education or become a PGA Tour professional. Tiger’s story illustrates the idea at the center of economics: that people make purposeful choices with scarce resources and interact with others when they make these choices. The Central Idea Economics: the study of how people deal with scarcity. Scarcity: the situation in which the quantity of resources is insufficient to meet all wants. The Central Idea Economic Interactions - exchanges of goods and services between people. From 2000-2008, Tiger Woods sold his services to Buick and became Buick’s spokesperson. In 2008 however, when the economy was hit with a severe financial crisis, Buick needed to cut costs and decided to terminate its contract with Tiger Woods to save $7 million. Market: an arrangement by which economic exchanges between people take place. Scarcity and Choice for Individuals Two Fundamental Individual Choices: What to Consume (Consumer Decisions) What to Produce (Producer Decisions) Scarcity and Choice for Individuals Budget Constraint: a scarce amount of funds that limits an individual’s spending. Opportunity Cost (of a choice): the value of the best alternative that was not chosen because something else was chosen. Opportunity Costs: Community College and the Economic Downturn In 2008-2009 when the economy was experiencing a recession, many community colleges reported increased enrollments at approximately 10 percent over the previous year. Can you use the concept of opportunity