• Like
Scarcity
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

Published

 

Published in Education
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
1,212
On SlideShare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
18
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

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