Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Itb Chap 01

4,452 views

Published on

Published in: Technology, Economy & Finance

Itb Chap 01

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

×