• Home

  • Documents

  • Economic Essentials #1 What is economics?. Economics The study of the choices people make to satisfy...
6
Economic Essentials #1 What is economics?

Economic Essentials #1 What is economics?. Economics The study of the choices people make to satisfy wants and needs

Tags:

Embed Size (px)

Citation preview

Page 1: Economic Essentials #1 What is economics?. Economics The study of the choices people make to satisfy wants and needs

Economic Essentials #1

What is economics?

Page 2: Economic Essentials #1 What is economics?. Economics The study of the choices people make to satisfy wants and needs

Economics

The study of the choices people make to satisfy wants and needs

Page 3: Economic Essentials #1 What is economics?. Economics The study of the choices people make to satisfy wants and needs

What’s the difference?List 5 things you need and

5 that you want

• NEEDS • WANTS

Page 4: Economic Essentials #1 What is economics?. Economics The study of the choices people make to satisfy wants and needs

Who decides what to make?

• Producers:

–Makers of products

–How do they decide what to make?

• Consumers:

–Those who decide to buy things

–How do they decide what to buy?

Page 5: Economic Essentials #1 What is economics?. Economics The study of the choices people make to satisfy wants and needs

Which one do you buy?

• 75 cents • $1.25

WHY???

http://images.google.com/imgres?imgurl=http://arcona.files.wordpress.com/2008/06/rc_cola.jpg&imgrefurl=http://arcona.wordpress.com/2008/06/21/top-five-gaming-beverages/&usg=__8Wyb4llEnK9qaHRRmcAlkerRyhQ=&h=577&w=577&sz=80&hl=en&start=1&um=1&itbs=1&tbnid=qZLIgYbfvGtapM:&tbnh=134&tbnw=134&prev=/images%3Fq%3Drc%2Bcola%26hl%3Den%26safe%3Dactive%26rlz%3D1T4ADBR_enUS314US343%26um%3D1
Page 6: Economic Essentials #1 What is economics?. Economics The study of the choices people make to satisfy wants and needs

How do you make decisions?

• Good– physical, tangible product– shirt, car, candy bar

• Service – actions or activities – lawyer, movie, hair cut

• Which one do you spend more money on?


Some Economics Concepts. Definition of economics the study of how individuals and societies use limited resources to satisfy unlimited wants

Some Economics Concepts. Definition of economics the study of how individuals and societies use limited resources to satisfy unlimited wants

Documents
Chapter 1. Introduction Economics Economics – how people use limited resources to satisfy their unlimited wants Adam Smith – The Wealth of Nations

Chapter 1. Introduction Economics Economics – how people use limited resources to satisfy their unlimited wants Adam Smith – The Wealth of Nations

Documents
E CONOMICS. W HAT DOES ECONOMICS MEAN TO ME ? Economics is the study of how people use their limited resources to satisfy their unlimited wants. In other

E CONOMICS. W HAT DOES ECONOMICS MEAN TO ME ? Economics is the study of how people use their limited resources to satisfy their unlimited wants. In other

Documents
Economic Theories Economics: A study of human efforts to satisfy seemingly unlimited wants through the use of limited resources. Resources include both

Economic Theories Economics: A study of human efforts to satisfy seemingly unlimited wants through the use of limited resources. Resources include both

Documents
What is Economics? Chapter 1. Economics: The study of how people seek to satisfy their needs and wants by making choices

What is Economics? Chapter 1. Economics: The study of how people seek to satisfy their needs and wants by making choices

Documents
E CONOMICS C HAPTER 1 What is Economics?. W HAT IS E CONOMICS ? Economics-the study of how people seek to satisfy their needs and wants by making choices

E CONOMICS C HAPTER 1 What is Economics?. W HAT IS E CONOMICS ? Economics-the study of how people seek to satisfy their needs and wants by making choices

Documents
Chapter 1 Economics Economics - is the study of human activity involved in using scarce resources to satisfy wants. - because wants are relatively unlimited

Chapter 1 Economics Economics - is the study of human activity involved in using scarce resources to satisfy wants. - because wants are relatively unlimited

Documents
Definition of Economics Scarcity –All economic questions arise because we are unable to satisfy all our wants. –Our inability to satisfy all our wants

Definition of Economics Scarcity –All economic questions arise because we are unable to satisfy all our wants. –Our inability to satisfy all our wants

Documents
Economics Handbook Vocabulary. Economic System The way in which a nation uses its resources to satisfy peoples needs and wants

Economics Handbook Vocabulary. Economic System The way in which a nation uses its resources to satisfy peoples needs and wants

Documents
Economics concepts(1): wants : want is desire; demand is a desire supported by the ability($$$$$) to satisfy the desire: unlimited wants : for what

Economics concepts(1): wants : want is desire; demand is a desire supported by the ability($$$$$) to satisfy the desire: unlimited wants : for what

Documents
1. Define economics- The study of how people seek to satisfy their needs and wants by making choicesDefine economics-

1. Define economics- The study of how people seek to satisfy their needs and wants by making choicesDefine economics-

Documents
Economics The Study of how people seek to satisfy their wants and needs by making choices

Economics The Study of how people seek to satisfy their wants and needs by making choices

Documents
Chapter 1 What is Economics?. Economics is about how people choose to use scarce resources to satisfy their needs and wants i.e. achieve goals

Chapter 1 What is Economics?. Economics is about how people choose to use scarce resources to satisfy their needs and wants i.e. achieve goals

Documents
Economics Review 2014-2015. The study of how a society uses its resources to satisfy its wants and needs

Economics Review 2014-2015. The study of how a society uses its resources to satisfy its wants and needs

Documents
Introduction to Economics. What Is It? Economics – the study of how people try to satisfy what appear to be unlimited and competing wants through the

Introduction to Economics. What Is It? Economics – the study of how people try to satisfy what appear to be unlimited and competing wants through the

Documents
What Is Economics? Economics is the study of how people make choices to satisfy their wants For example: --You must choose how to spend your time Businesses

What Is Economics? Economics is the study of how people make choices to satisfy their wants For example: --You must choose how to spend your time Businesses

Documents
Key terms and basic concepts of economics. Economics is the study of how people make choices to satisfy their wants

Key terms and basic concepts of economics. Economics is the study of how people make choices to satisfy their wants

Documents
C H A P T E R 1 What Is Economics?. Economics Economics is determining how to satisfy unlimited wants with limited resources. For example: –You must choose

C H A P T E R 1 What Is Economics?. Economics Economics is determining how to satisfy unlimited wants with limited resources. For example: –You must choose

Documents
Economics, Institutions, and Development: A Global … · activities' to satisfy basic material needs (e.g., food, shelter, clothing) and nonmaterial wants (e.g., education, knowledge,

Economics, Institutions, and Development: A Global … · activities' to satisfy basic material needs (e.g., food, shelter, clothing) and nonmaterial wants (e.g., education, knowledge,

Documents
Economics: EOCT Practice Game. Economics may best be defined as a a) study of efforts to satisfy seemingly unlimited wants with scarce resources b) branch

Economics: EOCT Practice Game. Economics may best be defined as a a) study of efforts to satisfy seemingly unlimited wants with scarce resources b) branch

Documents
CHAPTER 1 The Economic Way of Thinking - Weebly · 2018-12-08 · is economics, the study of how people choose to use scarce resources to satisfy their wants. Economics involves 1

CHAPTER 1 The Economic Way of Thinking - Weebly · 2018-12-08 · is economics, the study of how people choose to use scarce resources to satisfy their wants. Economics involves 1

Documents
How do people satisfy their wants?. What do you think you will learn about in economics?

How do people satisfy their wants?. What do you think you will learn about in economics?

Documents
THE STUDY OF CHOICE!. WHAT IS ECONOMICS? ECONOMICS is the study of how people use limited (scarce) resources to satisfy unlimited wants. People

THE STUDY OF CHOICE!. WHAT IS ECONOMICS? ECONOMICS is the study of how people use limited (scarce) resources to satisfy unlimited wants. People

Documents
Chapter 1- Introduction to Economics Economics: The study of how society chooses to allocate its scarce resources in order to satisfy unlimited wants Microeconomics:

Chapter 1- Introduction to Economics Economics: The study of how society chooses to allocate its scarce resources in order to satisfy unlimited wants Microeconomics:

Documents
ECONOMICS NOTES CHAPTER 1 WHATISECONOMICS?. I. Economics Defined The study of the choices that people make to satisfy their needs and wants The study

ECONOMICS NOTES CHAPTER 1 WHATISECONOMICS?. I. Economics Defined The study of the choices that people make to satisfy their needs and wants The study

Documents
How do people satisfy their wants?. What do you think you will learn about in economics?

How do people satisfy their wants?. What do you think you will learn about in economics?

Documents
The Economic Institution What is Economics?. The Economic Institution To satisfy people’s needs and wants, every society develops a system of roles and

The Economic Institution What is Economics?. The Economic Institution To satisfy people’s needs and wants, every society develops a system of roles and

Documents
Chapters 1-2. Economics The effort to satisfy unlimited wants with limited means Choice Needs Wants

Chapters 1-2. Economics The effort to satisfy unlimited wants with limited means Choice Needs Wants

Documents
caseism.com€¦ · to satisfy unlimited wants and needs using limited resources. Objective 1 Define economics using the main ideas that wants and needs are unlimited but resources

caseism.com€¦ · to satisfy unlimited wants and needs using limited resources. Objective 1 Define economics using the main ideas that wants and needs are unlimited but resources

Documents
What is Economics? The study of scarcity, or how society tries to satisfy unlimited wants through the use of limited resources

What is Economics? The study of scarcity, or how society tries to satisfy unlimited wants through the use of limited resources

Documents