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Basic of Economics

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Introducity scarcity, and how it relates to production, distribution, and consumption.

Introducity scarcity, and how it relates to production, distribution, and consumption.

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Basic of Economics Presentation Transcript

  • 1. Economics may appear to be the  study of complicated tables and  charts, statistics and numbers . . . but really, it is the study of what  makes up human behavior as we  try fulfill our needs and wants.
  • 2. Scarcity ‐ when needs and wants  cannot be satisfied due to a lack  of resources.
  • 3. Therefore, various economic  decisions must be made about  production, distribution, and  consumption.
  • 4. The process of creating goods  and services with . . . natural, • human, • and capital resources. •
  • 5. the system of giving goods  throughout a community. OR . . . the marketing, transporting, and  selling of any item
  • 6. the using up of goods and  services having an exchangeable  value.
  • 7. When we make choices about  each of these steps, we usually  give up one thing in order to  produce, distribute, or consume  another.