ECONOMIC DECISIONS Unit 1, part one

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Presentation transcript:

ECONOMIC DECISIONS Unit 1, part one Chapter 1 1/18/2019 ECONOMIC DECISIONS Unit 1, part one GOALS Distinguish between needs and wants. Explain the difference between goods and services. Describe the economic resources used in the production of goods and services.

Needs are basic to survival Wants add to the quality of life Chapter 1 1/18/2019 NEEDS AND WANTS Needs are basic to survival Wants add to the quality of life

The Basic Economic Problem Wants and Needs are UNLIMITED Resources are LIMITED

GOODS AND SERVICES Goods are things you can see and touch. Chapter 1 1/18/2019 GOODS AND SERVICES Goods are things you can see and touch. Services are things that satisfy your wants through the efforts of other people or equipment.

ECONOMIC RESOURCES Natural resources Human resources Capital resources Chapter 1 1/18/2019 ECONOMIC RESOURCES Natural resources Human resources Capital resources

LIMITED RESOURCES Scarcity affects everyone Chapter 1 1/18/2019 LIMITED RESOURCES Scarcity affects everyone Scarcity affects businesses and governments

ECONOMIC CHOICES Making economic decisions Chapter 1 1/18/2019 ECONOMIC CHOICES Making economic decisions The decision-making process (6 step process) Define the problem Identify the choices Evaluate the advantages and disadvantages Choose Act on your choice Review your decision

Try this: Identify an economic choice you had to make Define the problem Identify the choices (what options did you have) Evaluate the advantages and disadvantages (for EACH option) Choose (which did you choose) Act on your choice (assuming you DID) Review your decision (happy or regrets – EXPLAIN)