Introduction to Economics

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Presentation transcript:

Introduction to Economics 5th Grade

the study of how people choose to use resources Economics is…. the study of how people choose to use resources

Basic Economic Terms Needs and Wants http://www.brainpopjr.com/socialstudies/economics/needsandwants/preview.weml

Needs and Wants A need is what you have to have to survive (food, clothing, shelter). A want is what you would like to have.

Resources are what is available to you as a consumer.

Scarcity Scarcity is what resources are not plentiful. There is not a lot of something.

Goods and Services Goods are things we use in daily life. Services are when someone else does the work for us. http://www.brainpopjr.com/socialstudies/economics/goodsandservices/preview.weml

Distribution is the delivery of goods to the consumer

Consumption of Goods Consumption of goods is when a consumer of goods buys and uses a product.

Supply and Demand Supply is when manufacturers produce goods for consumers Demand is consumers wanting and needing products. http://www.brainpop.com/math/dataanalysis/supplyanddemand/preview.weml

Supply http://www.youtube.com/watch?v=TWBLFLLGK10 Brief Youtube video

Demand Long Lines at Apple Store

These are your basic Economics Terms!