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  • CHAPTER 1 06/08/09 ITB

Transcript

  • 1. Economic Decisions and Systems 1-1 Satisfying Needs and Wants 1-2 Economic Choices 1-3 Economic Systems 1-4 Supply and Demand 1
  • 2. LESSON 1-1 Satisfying Needs and Wants
    • Goals
    • Explain the difference between needs and wants.
    • Distinguish between goods and services.
    • Describe the types of economic resources.
    Chapter 1 Slide
  • 3. Key Terms
    • needs
    • wants
    • goods
    • services
    • economic resources
    Chapter 1 Slide
  • 4. NEEDS AND WANTS
    • Needs are essential
    • Wants add to the quality of life
    • Needs and wants are unlimited
    Chapter 1 Slide
  • 5. >> C H E C K P O I N T
    • What is the difference between a need and a want?
    Chapter 1 Slide
  • 6. GOODS AND SERVICES
    • Goods and services for businesses and consumers
    • The U.S. economy
    Chapter 1 Slide
  • 7. >> C H E C K P O I N T
    • How do people satisfy their wants and needs?
    Chapter 1 Slide
  • 8. ECONOMIC RESOURCES
    • Natural resources
    • Human resources
    • Capital resources
    • Resources are limited
    Chapter 1 Slide
  • 9. >> C H E C K P O I N T
    • What are the three types of economic resources? Give an example of each type of resource.
    Chapter 1 Slide
  • 10. LESSON 1-2 Economic Choices
    • Goals
    • Understand the basic economic problem.
    • Explain the steps in the decision-making process.
    Chapter 1 Slide
  • 11. Key Terms
    • scarcity
    • economic decision-making
    • tradeoff
    • opportunity cost
    Chapter 1 Slide
  • 12. THE BASIC ECONOMIC PROBLEM
    • Choices
    • Tradeoffs and opportunity costs
    Chapter 1 Slide
  • 13. >> C H E C K P O I N T
    • What is opportunity cost?
    Chapter 1 Slide
  • 14. THE DECISION-MAKING PROCESS
    • 1. Define the problem.
    • 2. Identify the choices.
    • 3. Evaluate the advantages and disadvantages of each choice.
    • 4. Choose one.
    • 5. Act on your choice.
    • 6. Review your decision.
    Chapter 1 Slide
  • 15. >> C H E C K P O I N T
    • What are the six steps in the decision-making process?
    Chapter 1 Slide
  • 16. LESSON 1-3 Economic Systems
    • Goals
    • Identify the three economic questions.
    • Differentiate among the main types of economic systems.
    • Describe the economic system of the United States.
    Chapter 1 Slide
  • 17. Key Terms
    • economic system
    • command economy
    • market economy
    • traditional economy
    • mixed economy
    • capitalism
    Chapter 1 Slide
  • 18. THE THREE ECONOMIC QUESTIONS
    • What to produce?
    • How to produce?
    • What needs and wants to satisfy?
    Chapter 1 Slide
  • 19. >> C H E C K P O I N T
    • What are the three economic questions?
    Chapter 1 Slide
  • 20. TYPES OF ECONOMIC SYSTEMS
    • Command economy
    • Market economy
    • Traditional economy
    • Mixed economies
    Chapter 1 Slide
  • 21. >> C H E C K P O I N T
    • What are the main differences among the three economic systems?
    Chapter 1 Slide
  • 22. THE U.S. ECONOMIC SYSTEM
    • Private property
    • Freedom of choice
    • Profit
    • Competition
    Chapter 1 Slide
  • 23. >> C H E C K P O I N T
    • Name the four principles of the U.S. economic system.
    Chapter 1 Slide
  • 24. LESSON 1-4 Supply and Demand
    • Goals
    • Describe supply and demand orally and with graphs.
    • Discuss how supply and demand affect prices of products and services.
    Chapter 1 Slide
  • 25. Key Terms
    • consumer
    • producers
    • demand
    • supply
    • market price
    Chapter 1 Slide
  • 26. PARTICIPATING IN A MARKET ECONOMY
    • Consumers set demand
    • Producers establish supply
    • A graphic view
    Chapter 1 Slide
  • 27. DEMAND AND SUPPLY Chapter 1 Slide
  • 28. >> C H E C K P O I N T
    • How does the price of a product affect demand and supply?
    Chapter 1 Slide
  • 29. DETERMINING PRICE
    • Factors influencing demand
    • Factors influencing supply
    • Determining market price
    Chapter 1 Slide
  • 30. MARKET PRICE Chapter 1 Slide
  • 31. >> C H E C K P O I N T
    • How is the market price for a product determined?
    Chapter 1 Slide