Welcome to… Thinking Like an Economist!

Please discuss with your partner… Economics is the study of money. TRUE OR FALSE: Please discuss with your partner… $ $ $ Economics is the study of money.

Economics is so much more!! FALSE! Economics is so much more!!

Economics is the study of… How we, the people, use resources to get what we want and need.

Use your Resources! People’s wants are unlimited but resources are limited.

What Are Our Resources? Human Resources - Workers and their Skills Natural Resources – Gifts of Nature Capital Resources – Buildings, factories, machinery

SCARCE – CITY!! When we can’t get all the things that we want, we call it “scarcity.” What is the base word of scarcity? SCARCITY forces people to make CHOICES when they produce or use GOODS AND SERVICES.

$ The Cost of Opportunity! $ What you give up to get something.

Put on your Economist’s Hat! Using your Economist’s Important Concepts Map, try your hand at plugging the correct word into the correct box! You may discuss ideas with your teammates.

Human Natural Unlimited Wants Capital Limited Resources Scarcity Goods and Services Choices Opportunity Cost