Economics - Weebly€¦ · ECONOMICS IS… The study of how to meet unlimited wants and needs with...
Transcript of Economics - Weebly€¦ · ECONOMICS IS… The study of how to meet unlimited wants and needs with...
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ECONOMICS The basics
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WHAT IS
ECONOMICS?
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ECONOMICS IS…
The study of how
to meet unlimited
wants and needs
with limited
resources.
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SCARCITY, WHAT
IS IT??
Where does scarcity exist?
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HOW DOES SCARCITY
AFFECT THE FOLLOWING:
Mall
Bank
Law firm
Grocery store
School
Your family?
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THREE TYPES OF
ECONOMIC RESOURCES
Natural:
Gifts of nature- sunlight, water land, trees, etc. Used
to produce good and services
Human:
Physical and mental labor people use to produce
goods and services
Capital:
Buildings, machine, technology and tools
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WHAT TYPE OF RESOURCE??
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YOUR ASSIGNMENT…
Collect a yellow paper from the teacher.
Complete the front of the paper either by yourself
or with a partner.
Look through the magazines and identify
examples of each type of economic resources
You must have 3-4 pictures for each. Cut out
and glue each to their respective category on the
back of your activity sheet.
Make sure it looks professional or you won’t get
all the points!!
Put your assignment in the box when you are
finished.