Your SlideShare is downloading. ×
Scarcity
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Saving this for later?

Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime - even offline.

Text the download link to your phone

Standard text messaging rates apply

Scarcity

1,220
views

Published on

Published in: Education

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,220
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
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!