PPT-What is Economics? “Scarcity and Factors of Production”

Chapter 11 Choices and Decision Making The study of economic begins with the idea that people cannot have everything they need and want Need Anything that is necessary for survival. Production and . Opportunity Cost. Texas Council on Economic Education. Laura Ewing. Kindergarten Social Studies Economics Strand TEKS. (6)  Economics. The student understands that basic human needs and wants are met in many ways. The student is expected to:. SCARCITY- The condition that results from society not having enough resources to produce all the things people would like to have.. What comes to mind when you think of something that is scarce?. ECONOMICS- the study of how people try to satisfy unlimited wants through the careful use of relatively scarce resources.. : Find your seat on the paper at the front of the room…. The Last Word. : . No homework. FrontPage. : . NNIGN – sit down and relax.. . The Last Word. : No homework . . What do these people want?. Even elite athletes, major universities, and professional team owners must make decisions based on limited resources.. A coach cannot assign a talented athlete to play two positions nor can he use his practice time to review every possible on-field contingency.. The Fundamentals of Economics. The Fundamentals of Economics. :. Main Idea:. Introduction to . Economics. Notes:. Economics. is the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants.. Unit 1 Lesson 2. What are some examples of scarcity?. SCARCITY. Scarcity.  is a condition where there is less of something available than at least some people would like to have if they could have them at no cost to themselves. Because the total quantity of goods and services that people would like to have always far exceeds the amount which available economic resources are capable of producing in all known human societies, people must constantly make choices about which desires to satisfy first and which to leave less than fully satisfied for the time being. That is, they must constantly decide how best to allocate (apportion or distribute) the scarce resources available to them among the various alternative uses to which they can be put. Thus, scarcity is the fundamental condition that gives rise to the patterns of choosing behavior whose study constitutes the main focus of the academic discipline of economics.. Questions for Review. Land. A factor of production that includes natural resources. Capital. A factor of production that includes the tools, equipment, and factories used in the production of goods and services. Questions for Review. Land. A factor of production that includes natural resources. Capital. A factor of production that includes the tools, equipment, and factories used in the production of goods and services. Chapter 1: What is Economics? . Lesson 1: Scarcity and the Science of Economics. Students will know:. Societies do not have enough productive resources to satisfy everyone’s wants and needs, so they must make choices about what, how, and for whom to produce.. Would you rather…. Study or go to the movies?. Eat a salad or French fries?. Buy a new phone or a new outfit?. How do you decide?. Economics. The study of scarcity and choice.. Economists ask: How do we satisfy our needs and wants by making choices?. Intro to Economics. How Economic Systems Work &. . Factors of Production. Needs vs. Wants. Needs are things we must have to survive. Food. Water. Shelter. Clothes. Wants . are things we desire to make life more comfortable and enjoyable. Learning Intentions. Define the term economics. Explain the term Economic Resources. Identify and outline the Factors of Production. Describe how business use the Factors of Production. Explain how scarcity, choice and opportunity impact on the Factors of Production. The study of how people seek to satisfy their . needs . and . wants. by making . choices. Relationship between Economics and Scarcity. What is “Scarcity?”. What is Scarcity?”. Economic situation where there are . Scarcity and Choice. Scarcity and choice are the two essential ingredients . of an economic topic.. Goods are scarce because desire for them far outstrips their availability from nature.. Scarcity forces us to choose among available alternatives. .