Economics• is the way peoplemake or use theirresources, goods, andservices• exchange of goodsand services in orderto satis...
• ExchangeTo trade one thing for another.Example: I want to trade in mygreen disk for a blue one.• BarterThe exchange of g...
Three Kinds ofMoneyCash Checks Credit Cards
Needs vs. Wants• Needs – what peoplemust have to live.FoodClothingShelter• Wants – the things wewould like to have,but can...
Economic ChoiceYou make an economic choice when you only have moneyfor certain items, not all.Example:I do not have enough...
Opportunity CostOpportunity cost what you must give upwhen you make an economic choice.Example:I chose the popcorn, so I h...
Supply and Demand• Supply is the amountof a good or serviceavailable.• Demand is whatpeople are willing andable to buy.I w...
Scarcity - Sometimes there is not enough ofsomething to go around. That item is scarce.Oh no! Ice cream is scarce!“I screa...
What can I do with my money?• Spend it• Save it• Invest it Give people money to use tomake more moneys, like in stocksand ...
Goods and Services• Goods • Services
Three types of resources work together in oureconomyHuman ResourcesCapital ResourcesNatural Resources
Natural Resources are things we get from nature.Oil Coal Trees Water
Human resources are jobs done by humans atwork.
Capital resources are the machines, tools andbuildings needed to do a job.
ProducersProducers make goods or provide services.
ConsumersConsumers use or buy goods and services.
Economic SpecializationIndividuals or groups who concentrate onone type of good or service.Apple farmer Carpenter
InterdependencePeople need each other for goods andservices.The Ancient Greeks traded their goods across theMediterranean ...
Economics[1]
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Economics[1]

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Economics[1]

  1. 1. Economics• is the way peoplemake or use theirresources, goods, andservices• exchange of goodsand services in orderto satisfy our needsand wants
  2. 2. • ExchangeTo trade one thing for another.Example: I want to trade in mygreen disk for a blue one.• BarterThe exchange of goods or servicewithout money.Example: I’ll give you my cake foryour ice cream.
  3. 3. Three Kinds ofMoneyCash Checks Credit Cards
  4. 4. Needs vs. Wants• Needs – what peoplemust have to live.FoodClothingShelter• Wants – the things wewould like to have,but can live without.
  5. 5. Economic ChoiceYou make an economic choice when you only have moneyfor certain items, not all.Example:I do not have enough money for both popcorn and a pretzel. I mustchoose, so I buy the popcorn. That is my economic choice.YUM!
  6. 6. Opportunity CostOpportunity cost what you must give upwhen you make an economic choice.Example:I chose the popcorn, so I have to give up the pretzel.That is my opportunity cost.
  7. 7. Supply and Demand• Supply is the amountof a good or serviceavailable.• Demand is whatpeople are willing andable to buy.I would like to buy one candy cane, please.
  8. 8. Scarcity - Sometimes there is not enough ofsomething to go around. That item is scarce.Oh no! Ice cream is scarce!“I scream, you scream, we all screamfor ice cream! La, la, la, la, la!”The IceCreamSingers
  9. 9. What can I do with my money?• Spend it• Save it• Invest it Give people money to use tomake more moneys, like in stocksand bonds.
  10. 10. Goods and Services• Goods • Services
  11. 11. Three types of resources work together in oureconomyHuman ResourcesCapital ResourcesNatural Resources
  12. 12. Natural Resources are things we get from nature.Oil Coal Trees Water
  13. 13. Human resources are jobs done by humans atwork.
  14. 14. Capital resources are the machines, tools andbuildings needed to do a job.
  15. 15. ProducersProducers make goods or provide services.
  16. 16. ConsumersConsumers use or buy goods and services.
  17. 17. Economic SpecializationIndividuals or groups who concentrate onone type of good or service.Apple farmer Carpenter
  18. 18. InterdependencePeople need each other for goods andservices.The Ancient Greeks traded their goods across theMediterranean Sea.

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