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Economic Essentials #1 What is economics?

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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?


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