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1.1 The Economic Problem. Wants and Needs Economic Choices Economics is about making ______________....
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Transcript of 1.1 The Economic Problem. Wants and Needs Economic Choices Economics is about making ______________....
![Page 1: 1.1 The Economic Problem. Wants and Needs Economic Choices Economics is about making ______________. ____________________ is the condition facing all.](https://reader036.fdocuments.in/reader036/viewer/2022082518/5697bfc11a28abf838ca4652/html5/thumbnails/1.jpg)
1.1
The Economic Problem
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Wants and Needs
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Economic Choices• Economics is about making ______________.• ____________________ is the condition facing all
societies because there are not enough productive resources to satisfy people’s unlimited wants .
• ___________________ __________________, or factors of production, are the inputs used to produce the goods and services people want.
• Because productive resources are scarce, ____________ and ______________ are scarce too.
• Making choices means you must pass up some ______________________________.
• ________________________ examines how people use their scarce resources to satisfy unlimited wants.
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“Although your wants and desires are virtually unlimited, the productive resources available to
satisfy these wants are scarce.”
• ______________________________ is the study of how people use their scarce resources to satisfy their unlimited wants
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Productive Resources• Are also called _________________ of
production, inputs or resources. They are broken down into 3 categories:
• ___________ _______________ is the broad category of human effort, both physical and mental, used to produce goods and services. – __________ is the most important human resource– An __________________ tries to earn a profit by
developing a new product or finding a better way to produce and existing one.
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Productive Resources (continued)• ___________ __________ are also called “gifts
of nature,” including land, forests, minerals, oil reserves, bodies of water and even animals.–_______________________ resources can be
drawn on indefinitely –______________________ resources do not
renew themselves, so they are available in limited amounts.
• _____________ ____________________ are also called capital goods. They are creations used to produce goods and services.
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Goods and Services• A ___________________ is tangible –
something you can see, feel or touch.• A ______________________ is intangible,
or not physical.
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