economics review. needs & wants examples: food shelter clothing examples videogames ice...
TRANSCRIPT
ECONOMICS REVIEW
Needs & Wants
Examples: Food Shelter Clothing
Examples Videogames Ice cream Toys
What is a need? What is a want?
Types of Resources
What are the different types of resources? Natural Resources
Materials that come from nature Capital Resources
Goods made by people and used to produce other goods/services
Human Resources People working to produce goods and services
Natural Resource
Human Resource
Capital Resource
Producers & Consumers
What is a producer? People who use resources to make goods
and/or provide services
What is the name for people who buy or use the goods and services? consumers
Economic Scarcity
What is economic scarcity? When there isn’t enough of something to
go around What are some examples of economic
scarcity?
Goods & Services
What is a good? Things people make or use to satisfy needs
and wants What is a service?
Activities that satisfy needs and wants How are goods and services similar?
How are they different?
Some Examples of Goods and Services
Goods Services
Economic Interdependence
Interdependence is when two or more people depend on each other for goods and services Can you think of examples?
Economic Specialization
What is specialization? Focusing on one product or service
What are some examples of specialization?
Specialization in the past
Can you think of examples of specialization in the past?
Interdependence in the Past
Can you think of examples of Interdependence in the past?
Specialization and Interdependence in Virginia
What do we specialize in in Virginia? Shipbuilding
What is an example of interdependence between Virginia and other countries? Other countries depend on Virginia for coal,
and we depend on them for oil
Opportunity Cost
Opportunity cost is… The “next best” choice that you give up when
you make a decision When choosing between pizza, chips, and ice
cream… If you like all three items, and you rank them as
#1 – pizza, #2 - ice cream, #3 – chips Your first choice is :
pizza Your opportunity cost is :
ice cream
Economic Choice
The choice or decision among alternatives or possibilities “alternatives” are all the options or
possibilities you have to choose from