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You Can’t Always Get What You Want But You Can Get What You

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Page 1: You Can’t Always Get What You Want But You Can Get What You Need

You Can’t Always Get What You Want

But You Can Get What You Need

Page 2: You Can’t Always Get What You Want But You Can Get What You Need

Production is knowing –

What -

How - For Who -

Page 3: You Can’t Always Get What You Want But You Can Get What You Need

Factors of Production-Land- fixed

Capital- items used in service

Financial Capital- money

Labor- skill

Entrepreneurs- risk takers

Page 4: You Can’t Always Get What You Want But You Can Get What You Need

To have Value- an object must be

Scarce and

Wanted

But what gives an object its wealth?

Page 5: You Can’t Always Get What You Want But You Can Get What You Need

Wealth-accumulation of products that are:

Tangible

Scarce

Useful

Transferable

Page 6: You Can’t Always Get What You Want But You Can Get What You Need

Adam Smith- 1776

Wealth of Nations

Single job skill = production

Page 7: You Can’t Always Get What You Want But You Can Get What You Need

“Nation’s wealth is defined by the sum of its labor-produced goods, not by who owned those goods.”

“A true-free competitive market-operatingwith a minimum of government intervention would bring about the greatest good for society.”

“Laissez-faire”- government’s role

Page 8: You Can’t Always Get What You Want But You Can Get What You Need

Supply- volume for sale

Law of Supply- more is offered at ahigher price and less at a lower price

When sales slow, maximum price reached

Page 9: You Can’t Always Get What You Want But You Can Get What You Need

Demand- desire, ability and willingness tobuy a product

Law of Demand- quantity sets the price

Page 10: You Can’t Always Get What You Want But You Can Get What You Need

When demand drops, price dropsand less is produced

Page 11: You Can’t Always Get What You Want But You Can Get What You Need

Pricing Theory- similar goods for similar price

Competition keeps prices down

Buyer competition keeps prices steady

Page 12: You Can’t Always Get What You Want But You Can Get What You Need

Similar products sell within a narrow range

Prices get customers toforget minor differences

Competition

Page 13: You Can’t Always Get What You Want But You Can Get What You Need

Monopoly- one seller of a product

Natural monopoly-

Costs minimized

“Franchise” tag

Page 14: You Can’t Always Get What You Want But You Can Get What You Need

Oligopoly- dominant few

Page 15: You Can’t Always Get What You Want But You Can Get What You Need

Technological monopoly- patents

Invention- covered for 20 years

Design- covered for less time

Copyright- lifetime plus 50 years

Page 16: You Can’t Always Get What You Want But You Can Get What You Need

Macroeconomics- national economics employment, G.D.P., inflation, growth,distribution of income

Page 17: You Can’t Always Get What You Want But You Can Get What You Need

Unskilled labor- least amount of human capital invested

Semiskilled labor- work machines with minimum training

Page 18: You Can’t Always Get What You Want But You Can Get What You Need

Skilled labor- use complex equipment without

supervision

Professional labor- knowledge basededucation and managerial skills

Page 19: You Can’t Always Get What You Want But You Can Get What You Need

Theory of –Wage Determination-

Supply and demand for a worker’s skill

Page 20: You Can’t Always Get What You Want But You Can Get What You Need

Comparable worth- equal pay for equal work

Part time workers- less than 35 hrs.weekly

Page 21: You Can’t Always Get What You Want But You Can Get What You Need

Minimum Wage-

Texas- $6.55

Lowest legal wage

Does minimum wagelower the number ofpeople who have ajob?

Page 22: You Can’t Always Get What You Want But You Can Get What You Need

Minimum Wage

3% of Texas workers

1.7 million or 2.2% of U.S. workers

Page 23: You Can’t Always Get What You Want But You Can Get What You Need

Tipped employees

$2.13 per hour

If tips plus $2.13 do not equal $6.55, employer must make up the difference

Page 24: You Can’t Always Get What You Want But You Can Get What You Need

Employees under 20

May be paid $4.25 per hour for the first90 days on the job

Page 25: You Can’t Always Get What You Want But You Can Get What You Need

Stimulates consumption- more money tolow-income workers

Increases the average living standard

Creates incentive to work

Pros of minimum wage-

Page 26: You Can’t Always Get What You Want But You Can Get What You Need

More people enter the job market instead of pursuing further education

Wage increase passed on to customers

Prices unemployable out of the market

Cons of minimum wage-

Page 27: You Can’t Always Get What You Want But You Can Get What You Need
Page 28: You Can’t Always Get What You Want But You Can Get What You Need

Evolution of Money

Page 29: You Can’t Always Get What You Want But You Can Get What You Need

Barter economy- goods for services

Money- a medium of exchange

Medium of exchange- something accepted by all parties

Page 30: You Can’t Always Get What You Want But You Can Get What You Need

“Salarium” – Roman salt payment formilitary service = “Salary”-

Page 31: You Can’t Always Get What You Want But You Can Get What You Need

Characteristics of Money

Portable

Durable

Divisible

Limited in supply

Page 32: You Can’t Always Get What You Want But You Can Get What You Need

Developmentof Banks

Page 33: You Can’t Always Get What You Want But You Can Get What You Need

Colonial banks issued own money

Gold or silver backing

1865 – 1,600 state banks10,000 kinds of paper currency

“Greenbacks” – federal currency

“Legal tender” – guaranteed

Page 34: You Can’t Always Get What You Want But You Can Get What You Need

“Gold Certificates” – backed by gold - 1861

“Silver Certificates” – silver backed – 1878

“Treasury Coin Notes” – 1890 – both

Gold Standard- 1900, currency backedby set price

1933- gold or certificates must declareGold Reserve Act of 1934 exchangegold certificates

Page 35: You Can’t Always Get What You Want But You Can Get What You Need

Abandoning the Gold Standard

1930s cashing in for gold

“Inconvertible fiat money standard”-Neither gold nor silver monetary standard

Page 36: You Can’t Always Get What You Want But You Can Get What You Need

Ones – 18 months

Fives- 15 months

Tens- 18 months

Twenties- 2 years

Fifties and Hundreds – 8 years

Life Span of Money

Page 37: You Can’t Always Get What You Want But You Can Get What You Need

Trade union- skilled workers, same job

Industrial union- all workers, same industry

Right to work law-Illegal to force unionmembership as term ofemployment

Page 38: You Can’t Always Get What You Want But You Can Get What You Need

Closed shop- union workers only

Union shop- membership required afteremployment


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