Economic Essentials #1 What is economics? Journal Describe the current state of the economy....

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Economic Essentials #1 What is economics?

Transcript of Economic Essentials #1 What is economics? Journal Describe the current state of the economy....

Page 1: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

Economic Essentials #1

What is economics?

Page 2: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

Journal

• Describe the current state of the economy. – Would you say it is strong or weak? – What factors make an economy

weak or strong?

Page 3: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

Chapter 1 / Section 1 Objectives

1. To describe the relationship between scarcity and choice.

2. To identify productive resources, and list examples.

3. To define goods and services, and list examples.

4. To explain why goods and services are scarce.

Page 4: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

Economics

The study of the choices people make to satisfy wants and needs

Page 5: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

Economics Is…Economics Is…

•The study of limited The study of limited resources but resources but

unlimited wants, unlimited wants, which forces people which forces people to make a CHOICE!to make a CHOICE!

Page 6: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

• Make a list of 5 things you Make a list of 5 things you want!!!want!!!

Page 7: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

List 5 things you need to survive.

• NEEDS:

Page 8: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

What is the difference What is the difference between a between a

““Need” vs. a “Want”?Need” vs. a “Want”?

Page 9: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

ScarcityScarcityThe Economic The Economic

ProblemProblem

Page 10: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

SCARCITYSCARCITY

Unlimited Wants

Page 11: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

SCARCITYSCARCITY

LimitedResources

Page 12: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

Who decides what to make?

• Producers:–Makers of products –How do they decide what to produce?–Incentives: something that motivates –What is the producers main incentive?

Page 13: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

• Consumers:

–Those who decide to buy things

–How do they decide what to buy?

–What is the main incentive for consumers?

Page 14: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

Which one do you buy?

• 75 cents • $1.25

WHY???

Page 15: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

Types of Products • Good

– physical, tangible product– shirt, car, candy bar

Page 16: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

• Service – actions or activities – lawyer, movie, hair cut

• Which one do you spend more money on?

Page 17: Economic Essentials #1 What is economics? Journal Describe the current state of the economy. –Would you say it is strong or weak? –What factors make.

National Economies

• The U.S. is “consumer” society. • China is a “producer” society.

How might this affect our economy?

•Copy the bullet points AND question

•Respond to the question. This is your EXIT TICKET.