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Understanding Economic Resources and Scarcity: Intro to Business & Economics

Learn about economic resources, supply, demand, needs vs. wants, and the impact of scarcity on prices. Discover the importance of natural resources, human resources, and capital resources in producing goods and services. Explore how scarcity affects decision-making and opportunity cost.

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Understanding Economic Resources and Scarcity: Intro to Business & Economics

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  1. EXPLORING BUSINESS and MARKETINGThe ECONOMY Unit 1: Intro. To Business & EconomicsPart 1: “Needs and Wants” Student Will: Define 3 types of economic resources and understand the impact of scarcity Understand how Supply and Demand affect prices

  2. College & Career Readiness Standards Achieved – Unit 1 READING: • Infer the main idea or purpose of straightforward paragraphs in uncomplicated literacy narratives ENGLISH: • Determine relevancy when presented with a variety of sentence-level details SCIENCE: • Compare or combine data from a simple data presentation WRITING: • Show understanding of the complexity of the issue in the prompt by: • Examining different perspectives • Evaluating implications or complications of the issue

  3. Things that are necessary for survival. Include: Shelter Food Water Clothing Things not necessary for survival but which add comfort and pleasure to our lives. Examples include: Needs vs. Wants

  4. are things you can see and touch. Examples are CD player, clothes, cars. Also called “Products” things that satisfy our wants through the efforts of other people or equipment. Today, more people work in jobs that provide services than in jobs that produce products. Goods vs. Services

  5. ECONOMIC RESOURCES • The means through which goods and services are produced • 3 Kinds of economic resources • We DO NOT have an endless supply of these resources • Natural Resources • Human Resources • Capital Resources

  6. Natural Resources • : Raw materials supplied by nature • All materials that come from the earth, the water or air are natural resources. • Iron Ore • Oxygen • Copper • Fish & Vegetables

  7. Human Resources(Labor) • People who work to produce goods and services. • Include (List people who work…) • _________________________ • _________________________ • _________________________ • _________________________

  8. Capital Resources • : Tools, equipment, and buildings that are used to produce goods and services • Grill used to cook hamburgers at McDonalds • Your investment in the business (aka the money that is needed to run a business)

  9. As a future Entrepreneur…(with your partner) • Why do you think there are so many less manufacturing jobs in the US? • Now that you’ve evaluated our economy, which type of Job skills are most needed in our economy? • If you were to open a business, would it be manufacturing a product (goods) or selling a product (services)

  10. Circular Flow!

  11. How To Vote via Texting EXAMPLE Standard texting rates only (worst case US $0.20) We have no access to your phone number Capitalization doesn’t matter, but spaces and spelling do TIPS

  12. How To Vote via PollEv.com EXAMPLE Capitalization doesn’t matter, but spaces and spelling do TIP

  13. Don’t forget: You can copy-paste this slide into other presentations, and move or resize the poll.

  14. Limited Resources • We DO NOT have an endless supply of economic resources! • oil, lumber, sugar, clean water • capital and human resources are also limited

  15. Limited Resources =Scarcity • “Basic Economic Problem” • Conflict between unlimited wants and limited resources. • Problem faces individuals, businesses, and government of satisfying unlimited wants with limited resources.

  16. Supply vs. Demand • Prices = Availability • Example = Gasoline • When the supply for gasoline declines, the price will increase with demand (scarcity).

  17. Supply vs. Demand • With a short supply of product, prices will generally increase. • With an increase in the amount of product, prices will generally decrease.

  18. Supply vs. Demand • Collector Cars • Baseball Cards • MGHS Parking Lot • How can the school District charge $100 For one parking spot?

  19. Opportunity Cost • : The cost of the next best alternative. • EVERYTHING has a cost. • You cannot have everything you want, you must choose which of the things you want most and can afford. • Example: You have the choice of going to work, or doing homework. • The opportunity cost of going to work is…not doing your homework.

  20. Assignment= Email @ josh.fassl@mgschools.net • How has Scarcity Affected your life? (tell me about a time where you had to go without something? Did you get an alternative?) • Explain the opportunity cost associated with your decision.

  21. Sign up for Txt Alerts from Class! • Check Website for notes..

  22. Answer only your table’s color

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