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The Story of Economy

The Story of Economy. SOL CE. 9a. Economy. The way a society chooses to use its resources to produce and distribute goods and services for consumption. What is a society?. A society is the way people work together to meet their needs and wants. Human Needs & Wants. Resources.

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The Story of Economy

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  1. The Story of Economy SOL CE. 9a

  2. Economy The way a society chooses to use its resources to produce and distribute goods and services for consumption.

  3. What is a society? A society is the way people work together to meet their needs and wants.

  4. Human Needs & Wants

  5. Resources Resources are the money, people, and materials available to accomplish a community’s goal.

  6. Supply/Demand Supply – The amount of goods and services that producers are able and willing to sell at various prices during a specified time period. Demand – The desire, willingness, and ability to buy a good or service

  7. Scarcity Scarcity – Not having enough resources to produce all of the things we would like to have.

  8. Choice Selecting an item or action from a set of alternatives

  9. + Ugly • Drives nice car • Lives in a beautiful mansion • Enjoys life • Will love you forever! • + Ugly • Owns a night club • Lots of bling • Has lots of friends • Owns tropical island with a diamond mine! Opportunity Cost • + Looks • dog breath • No bling • Allergic to work • Will cheat on you in a heartbeat! • + Looks • Has false teeth • Lives with parents • Has contagious fungus on toenails

  10. OpportunityCost What is given up when a choice is made –the highest value forgone…what you give up to get the benefit YOU value most

  11. Incentives Incentives – Something that encourages or motivates somebody to do something.

  12. Price Price – The particular amount, usually of money, that is offered or asked for when something is bought or sold

  13. Drives nice car • Lives in a beautiful mansion • Enjoys life • Will love you forever! • dog breath • No bling • Allergic to work • Will cheat on you in a heartbeat! • Has false teeth • Lives with parents • Has contagious fungus on toenails • Owns a night club • Lots of bling • Has lots of friends • Owns tropical island with a diamond mine! What PRICE would youpay?

  14. ECONOMY The way a society uses its resources to produce and distribute goods and services for consumption to meet the needs and wants of its people!

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