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Unit 2 Economics in Louisiana

Unit 2 Economics 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?.

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Unit 2 Economics in Louisiana

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  1. Unit 2Economics in Louisiana

  2. 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

  3. What is ECONOMICS? Economics is a social science dealing with producing, distributing, & consuming goods & services.

  4. 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

  5. Why is it important to us? • WANTSare things people would like to have to make their life easier—are almost UNLIMITED

  6. GOODS • Physical items • Examples: • Food • Houses • Books • Cars • Ipods

  7. SERVICES • The work/activities people do for others for a fee • Examples of people who perform services: • Teachers • Mechanics • Hair stylist • Doctor

  8. SERVICES • Which is the consumer and which is the producer in each picture?

  9. a Public Good/Serviceis 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/Serviceis 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

  10. PRODUCTION • The act of PRODUCING • People who make the products are known as PRODUCERS http://www.tabasco.com/popup/auth_audio_tour/

  11. DISTRIBUTION • To divide among several or many

  12. Consumer • A person who satisfies a want or need by buying a good or service.

  13. 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

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