Economics
The study of the choices people make to satisfy wants and needs
What’s the difference?List 5 things you need and
5 that you want
• NEEDS • WANTS
Who decides what to make?
• Producers:
–Makers of products
–How do they decide what to make?
• Consumers:
–Those who decide to buy things
–How do they decide what to buy?
How do you make decisions?
• Good– physical, tangible product– shirt, car, candy bar
• Service – actions or activities – lawyer, movie, hair cut
• Which one do you spend more money on?