ECONOMICS The basics

WHAT IS

ECONOMICS?

ECONOMICS IS…

The study of how

to meet unlimited

wants and needs

with limited

resources.

SCARCITY, WHAT

IS IT??

Where does scarcity exist?

HOW DOES SCARCITY

AFFECT THE FOLLOWING:

Mall

Bank

Law firm

Grocery store

School

Your family?

THREE TYPES OF

ECONOMIC RESOURCES

Natural:

Gifts of nature- sunlight, water land, trees, etc. Used

to produce good and services

Human:

Physical and mental labor people use to produce

goods and services

Capital:

Buildings, machine, technology and tools

WHAT TYPE OF RESOURCE??

YOUR ASSIGNMENT…

Collect a yellow paper from the teacher.

Complete the front of the paper either by yourself

or with a partner.

Look through the magazines and identify

examples of each type of economic resources

You must have 3-4 pictures for each. Cut out

and glue each to their respective category on the

back of your activity sheet.

Make sure it looks professional or you won’t get

all the points!!

Put your assignment in the box when you are

finished.