Satisfying Needs and Wants Section 1-1

Needs and Wants Are essential Required to live Food Water Clean Air Always Unlimited Needs and Wants Needs Wants Are essential Required to live Food Water Clean Air Clothing Shelter Add to quality of life Add comfort and pleasure CD Movie iPod

Needs and Wants Activity

Goods and Services See and touch Activities that are consumed at the same time they are produced.

Goods and Services Activity

U.S. Economy Largest producer of goods and services Americans consume more than any other country 2x more shopping malls than schools! Debt through loans and credit cards Make sure important needs and wants are satisfied

Economic Resources Raw materials supplied by nature Oil Minerals Limited Economic Resources Natural Resources Human Resources Capital Resources Raw materials supplied by nature Oil Minerals Nutrients Bodies of water Food People producing goods and services Anyone involved in producing the product or making it available Products and money used in production of goods and services Money Buildings Supplies Equipment

Economic Resources Give 5 examples of type of resource Natural Resources Human Resources Capital Resources