{ The Economic Way of Thinking Ms. Palmer, Pollard High School.

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Presentation transcript:

{ The Economic Way of Thinking Ms. Palmer, Pollard High School

 Economics is the study of how individuals and societies satisfy their unlimited wants with limited resources. What is economics?

 Wants are desires that can be satisfied by consuming a good or service.  Needs are things that are necessary for survival. Wants vs. Needs

Seinfeld: The Keys Episode

What do you want? Make a list of 5 things you could buy if you had Unlimited resources ($).

Scarcity  Wants are unlimited, but resources available to satisfy our wants are limited. The result is scarcity. Scarcity exists when there are not enough resources to satisfy human wants. Seinfeld: The Hamptons episode.

 Scarcity affects which goods are made and what services are provided.  Goods are physical objects that can be purchased.  Services are duties that one person performs for another for payment. Scarcity affects everyone!

{ Which one is a good and which is a service?

 Make a list of 5 goods and 5 services with your partner on your white board. Partner Activity

 Scarcity leads to 3 Economic Questions:  1. What will be produced?  2. How will it be produced?  For Whom will it be produced? 3 Economic Questions

 Talk to your partner and come up with an idea for a class business. This “virtual business” will be how we understand the majority of the concepts of microeconomics. Microeconomics is the study of the economy at the level of individuals, households, businesses. We will vote as a class and choose the best idea! Class Business.. What will it be?

{ Stay tuned! Next up.. Factors of Production