Economy

Create A Society You have a certain amount of supplies on your table. With your group you are required to meet the needs of the people in your nation. You have 12 minutes to build the following: 5 houses Food At least 1 factory At least 2 roads At least 3 cars You may ONLY use the supplies that I have provided you and you must complete them all within the 12 minutes! GOOD LUCK!

On a blank sheet of paper set up a notes page On a blank sheet of paper set up a notes page. And put your name at the top. Title the page- Economy

What is economy? Economics is the study of how individuals, businesses, and nations make things, buy things, spend money, and save money. People who study economics are known as economists.

The Problem of Scarcity Economists believe that the basic problem of economics is the problem of scarcity. Something is scarce when we do not have enough of it. People have unlimited wants. There are many things each of us wants. Even if we had them all, we would most likely find new things that we wanted. A society can only produce a limited number of things at any one time. There is only a certain amount of available goods and services. Therefore, a society cannot fulfill all of everyone’s wants.

Goods and Services Goods are those things that people make; for example, foods, toys, clothes, cars, and houses are all considered goods. Department stores, bakeries, and supermarkets all sell goods to consumers. Services are those things that people do for others. People who provide services include electricians, teachers, plumbers, barbers, doctors, and auto mechanics.