Economics

Evaluate the economic systems we've discussed to determine which is the best and which is the worst system. The student must present a clear and reasonable criteria by which the systems are evaluated and adhere to that criteria.

Compare and contrast the economic philosophies of Adam Smith and Karl Marx. Helpful sites: http://mises.org/ Adam Smith (1723-1790 ) Karl Marx (1818-1883 )

1. Go to http://gmail.com 2. Your "user name" and address will be: This period (ex. P2, P3, P4, P5 or P6) Your last name Your first initial Your address should look like this...(If you're in period 2 and your name is Uriel Lara) P2larau@gmail.com 3. Set your password so it's easy to remember. You can use your normal email password, for instance. 4. Go to http://www.blogger.com 5. Log in using your NEW gmail address 6. Create your Blogger address just as you did your gmail address 7. Send definitions for Scarcity, Opportunity Cost, Capital Goods, Socialism, Capitalism, Adam Smith and Macroeconomic to naronhistory@gmail.com

What is Economics? Section 1: Scarcity and the Factors of Production What do the following have in common? Scarcity and Choice Economics is the study of how people seek to satisfy their needs and wants by making choices A need is something like air, food, shelter or water that is necessary for survival A want is an item we desire but is not necessary for survival Economics answers such questions as: What will happen to me if I go to the movies instead of study for this test? How many people should my company employ, and how much should it produce? How much should the national government tax its citizens and on what should it spend the money? Why not both? Why not hire everyone and produce everything? Why not have the government pay for everything? The Answer: Scarcity What is Scarcity? Goods, physical objects like clothes and shoes, and services like haircuts, doctor visits and acting in a movie, are all finite...there isn't an unlimited amount of them Not the same as a