WELCOME TO THE I LOVE TO TEACH ECONOMICS CLUB TO THE I LOVE TO TEACH ECONOMICS CLUB.

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Presentation transcript:

WELCOME TO THE I LOVE TO TEACH ECONOMICS CLUB TO THE I LOVE TO TEACH ECONOMICS CLUB

What is ECONOMICS ?????

ECONOMICS The study of how to meet unlimited wants and needs with limited resources.

Hmmm... All I want to know is

What do I do if... I want a lot of stuff but I can’t I have it all?

The answer is... You have to deal with scarcity!

SCARCITY NOT ENOUGH RESOURCES TO COVER ALL YOUR WANTS AND NEEDS

By the way... Everyone has to deal with scarcity, including – Individuals – Families – Schools – Communities – Businesses – Nations

And RESOURCES are BASIC ELEMENTS USED TO CREATE GOODS AND SERVICES

There are different types of ECONOMIC RESOURCES Natural – Gifts of nature – sunlight, water, land, trees, etc. used to produce goods and services Human – Physical and mental labor people use to produce goods and services Capital – Buildings, machines, technology and tools used to produce goods and services

Is money a resource? Money is a resource called financial capital which allows you to purchase other resources

Ok, now back to scarcity... Because you have to deal with scarcity, you have to make CHOICES!

And remember... Every choice you make has a consequence!

And... Each consequence is either a cost or a benefit!

COSTS = What you must give up BENEFITS = What you will receive

So now you have to decide... How to best use your resources to meet your wants and needs!

CONGRATULATIONS! You are starting to understand BASIC ECONOMICS

Unlimited wants and needs Limited resources Natural, Human, Capital, Financial Scarcity Choices Costs and Benefits = = = + Consequences =