1 / 82

Economics

Economics. Bell Ringer. Write down three decisions you made within the last 24 hours. Tell if they were needs or wants. For each decision, list two choices you decided against (alternatives) when you made the decision. Example : Decision #1: Purchased hand lotion. (Want)

kineks
Download Presentation

Economics

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Economics

  2. Bell Ringer Write down three decisions you made within the last 24 hours. Tell if they were needs or wants. For each decision, list two choices you decided against (alternatives) when you made the decision. Example: Decision #1:Purchased hand lotion.(Want) Alternative Choices: #1: purchasing chap stick #2: saving my $

  3. Objectives • Describe vocabulary related to economics • Justify examples of scarcity and shortage • Analyze how factors of production are used today, categorize and defending your choices

  4. Economics • The study of the choices people make in an effort to satisfy their needs and wants

  5. Goods • Physical objects / tangible • You can touch it.

  6. Services • Actions or activities that one person performs for another / intangible • You cannot touch it.

  7. Good or Service? Mechanic giving car a tune-up Good Service

  8. Good or Service? Watch Good Service

  9. Good or Service? Watch Repair Good Service

  10. Good or Service? Hamburger Good Service

  11. Right

  12. Wrong!

  13. Good or Service? Basketball Good Service

  14. Right

  15. Wrong!

  16. Good or Service? Bicycle Good Service

  17. Right

  18. Wrong!

  19. Good or Service? Hair Cut Good Service

  20. Right

  21. Wrong!

  22. Good or Service? Waste Management Garbage Pickup Good Service

  23. Right

  24. Wrong!

  25. Good or Service? Laptop Computer Good Service

  26. Right

  27. Wrong!

  28. Bell Ringer January 5, 2012 Please write in complete sentences! • What are goods and services? • How do they differ from each other?

  29. Scarcity • Limited quantities of resources to meet unlimited wants • You can run out and when that is gone…that is it – no more

  30. Shortage • A situation in which a good or service is unavailable • You can run out but more is being produced and will be here soon

  31. Scarcity or Shortage? Wal-Mart is having a sale on their jewelry. All of their diamond rings, necklaces, and earrings are on sale. You go to Wal-Mart and there is no diamond jewelry of any kind in the glass cases. You ask the attendant and they say “There are no more diamonds in the world to create more jewelry.” This is considered… Scarcity

  32. Scarcity or Shortage? Wal-Mart is having a sale on Charmin toilet paper and you are getting very low at home. You go to Wal-Mart and there is no toilet paper on the shelves… You ask the attendant and they say, “The truck got stuck in a snow storm in Wisconsin. It will be in on Thursday.” This is considered… Shortage

  33. Factors of Production

  34. Land • All natural resources used to produce goods and services

  35. Labor • The effort that people devote to a task and get paid for • Can be physical or mental labor

  36. Capital • Physical • Man-made objects used to create other goods and services • Human • Knowledge and skills a worker gains through education & experience

  37. Let’s Try It Tell me what kind of factors of production you see in the following pictures

More Related