1 / 10

Satisfying Wants and Needs

Satisfying Wants and Needs. Understanding Economic Systems: Part 3. ESSENTIAL QUESTIONS:. What are ECONOMIC RESOURCES? How do BUSINESSES use ECONOMIC RESOURCES to produce GOODS and SERVICES? What is the BASIC ECONOMIC PROBLEM? What is SCARCITY?.

knox
Download Presentation

Satisfying Wants and Needs

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. Satisfying Wants and Needs Understanding Economic Systems: Part 3

  2. ESSENTIAL QUESTIONS: • What are ECONOMIC RESOURCES? • How do BUSINESSES use ECONOMIC RESOURCES to produce GOODS and SERVICES? • What is the BASIC ECONOMIC PROBLEM? • What is SCARCITY?

  3. ECONOMIC/PRODUCTIVERESOURCES: (Virtual Economics) ENTREPRENEURSHIP & INTRAPRENEURSHIP HUMAN / LABOR NATURAL / LAND CAPITAL

  4. WE HAVE SOME ISSUES… • I want/need these things…Can I have them? Can anything stop me?

  5. WE HAVE A PROBLEM… • We can’t have everything we want… UNLESS!

  6. THE BIG 3 EVILS: (Virtual Economics) • SCARCITY • OPPORTUNITY COST (OC) • TRADEOFFS

  7. MORE EVIL… • ECONOMIC DECISION MAKING (EDM) • BASIC ECONOMIC PROBLEM (BEP)

  8. EVIL DEFINED… EDM BEP Inability to satisfy all the unlimited wants and needs in an economic system due to limited resources. • Process of choosing which wants, among several options, will be satisfied.

  9. COOL VIDEOS: • What is US Debt? • What is US Debt? (Part 2) • Sequestration

  10. ESSENTIAL QUESTIONS: • What are ECONOMIC RESOURCES? • How do BUSINESSES use ECONOMIC RESOURCES to produce GOODS and SERVICES? • What is the BASIC ECONOMIC PROBLEM? • What is SCARCITY?

More Related