unit 2 economics in louisiana
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Unit 2 Economics in Louisiana. What is ECONOMICS?. Write your definition of economics on the index card provided. Write your name, date and hour on the top of your index card. What is ECONOMICS?. - PowerPoint PPT PresentationTRANSCRIPT
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Unit 2Economics in
Louisiana
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What is ECONOMICS?
Write your definition of economics on the index card provided.
Write your name, date and hour on the top of your index card
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What is ECONOMICS?
Economics is a social science dealing with producing, distributing, & consuming goods
& services.
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Why is it important to us?Communities develop economic systems to
meet their economic needs & wants.Basic NEEDS are FOOD, CLOTHING, &
SHELTER.WANTS are things people would like to have
to make their life easier—are almost UNLIMITED
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Why is it important to us?WANTS are things people would like to have
to make their life easier—are almost UNLIMITED
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GOODSPhysical items Examples:
FoodHousesBooksCarsIpods
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SERVICESThe work/activities
people do for others for a fee
Examples of people who perform services:TeachersMechanicsHair stylistDoctor
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SERVICESWhich is the
consumer and which is the producer in each picture?
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a Public Good/Service is a good that is non-rival. That means: consumption of the good by one individual does not reduce the amount of the good available for consumption by others.
a Private Good/Service is defined in economics as a good that exhibits these properties:Excludable- it is reasonably possible to prevent a
class of consumers (e.g. those who have not paid for it) from consuming the good.
Rivalrous- consumption by one consumer prevents simultaneous consumption by other consumers
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PRODUCTIONThe act of
PRODUCING
People who make the products are known as PRODUCERS
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DISTRIBUTION
To divide among several or many
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Consumer
A person who satisfies a want or need by buying a good or service.
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What is ECONOMICS?
Did your definition of economics change after our lesson?.
Write your “updated” definition of economics on the back of
your index card