introduction to economics chapter 1 section 1: the basic problem in economics
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Introduction to Economics
Chapter 1 Section 1: The Basic Problem in Economics
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How much would you pay?
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How much would you pay?
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How much would you pay?
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How much would you pay?
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How much would you pay?
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How much would you pay?
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How much would you pay?
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How much would you pay?
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The Basic Economic Problems
What is economics?
What is Macro or Micro Economics?
What is scarcity?
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Definition of EconomicsEconomics: The study of how people make choices about ways to use limited resources to fulfill their wants.Microeconomics: The branch of economic theory that deals with behavior and decision making by small units such as individuals and firmsMacroeconomics: Large units such as governments
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The Problem of ScarcityScarcity: basic economic problem that results from a combination of limited resources and unlimited wants.
Scarcity always exists!
Name some scarce resources...
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Factors of ProductionFactors of Production: resources of land, labor, capital, and entrepreneurship used to produce goods and servicesGoods: tangible objectsServices: Actions that satisfy people’s wants or needs
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Wants and NeedsWhat is the difference between a WANT and a NEED?
With a partner divide your packet and determine what is a want, and what is a need.