Unit 2 Economics in Louisiana
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Transcript of Unit 2 Economics in Louisiana
Unit 2Economics in
Louisiana
What is ECONOMICS?
Write your definition of economics on the index card provided.
Write your name, date and hour on the top of your index card
What is ECONOMICS?
Economics is a social science dealing with producing, distributing, & consuming goods
& services.
Why is it important to us?Communities develop economic systems to
meet their economic needs & wants.Basic NEEDS are FOOD, CLOTHING, &
SHELTER.WANTS are things people would like to have
to make their life easier—are almost UNLIMITED
Why is it important to us?WANTS are things people would like to have
to make their life easier—are almost UNLIMITED
GOODSPhysical items Examples:
FoodHousesBooksCarsIpods
SERVICESThe work/activities
people do for others for a fee
Examples of people who perform services:TeachersMechanicsHair stylistDoctor
SERVICESWhich is the
consumer and which is the producer in each picture?
a Public Good/Service is a good that is non-rival. That means: consumption of the good by one individual does not reduce the amount of the good available for consumption by others.
a Private Good/Service is defined in economics as a good that exhibits these properties:Excludable- it is reasonably possible to prevent a
class of consumers (e.g. those who have not paid for it) from consuming the good.
Rivalrous- consumption by one consumer prevents simultaneous consumption by other consumers
PRODUCTIONThe act of
PRODUCING
People who make the products are known as PRODUCERS
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DISTRIBUTION
To divide among several or many
Consumer
A person who satisfies a want or need by buying a good or service.
What is ECONOMICS?
Did your definition of economics change after our lesson?.
Write your “updated” definition of economics on the back of
your index card