Scarcity

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Scarcity

  1. 1. Scarcity and the Factors of Production Economics 1
  2. 2. Learning Targets <ul><li>I understand the difference between needs and wants. </li></ul><ul><li>I can explain the four factors of production and how they affect business. </li></ul><ul><li>I can analyze how scarcity affects my economic decisions. </li></ul><ul><li>I know the difference between physical and human capital. </li></ul>
  3. 3. Scarcity <ul><li>Scarcity (1) </li></ul><ul><li>It is not possible to have EVERYthing that we want and need! </li></ul><ul><li>Want (2) </li></ul><ul><li>Need (3) </li></ul><ul><ul><li>Scarcity and wants and needs determine how we make choices. (Economics 4) </li></ul></ul><ul><ul><li>We have to ALLOCATE our resources! </li></ul></ul>
  4. 4. Goods and Services <ul><li>Good (5) </li></ul><ul><li>Service (6) </li></ul><ul><li>Scarcity exists even with these goods=Choices! </li></ul><ul><li>Scarcity (7) </li></ul><ul><ul><li>Economics tries to solve this problem. </li></ul></ul><ul><ul><li>Difference with Shortage? (8) </li></ul></ul><ul><ul><ul><li>Scarcity always exists! </li></ul></ul></ul>
  5. 5. 4 Factors of Production <ul><li>Land (9) </li></ul><ul><li>Labor (10) </li></ul><ul><li>Capital (11) </li></ul><ul><li>Entrepreneurship(12) </li></ul><ul><li>Physical Capital (13) </li></ul><ul><ul><li>Can save people and companies a great deal of time and money. </li></ul></ul><ul><li>Human Capital (14) </li></ul><ul><ul><li>We require both physical and human capital in our economy! </li></ul></ul>

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