Basic Economic Questions Ms. Ramos Alta Loma High School.

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Presentation transcript:

Basic Economic Questions Ms. Ramos Alta Loma High School

Choices Scarcity Unlimited Needs & Wants Limited Resources Ms. Ramos

What are the 3 basic economic questions? Ms. Ramos

3 Basic Econ Questions What to produce? How to produce? For whom to produce? Ms. Ramos

Choices WHAT to produce HOW to produce FOR WHOM to produce Scarcity Unlimited Needs & Wants Limited Resources Ms. Ramos

How do companies look to get the “biggest bank for their buck?” Efficiency Ms. Ramos

Options to increase output Division of labor –specialization Find shortcuts to construct more Mechanization Outsource Ms. Ramos

Be Careful (Tune: If You're Happy and You Know It Clap Your Hands) Be careful little eyes what you want. (clap, clap) Be careful little eyes what you want. (clap, clap) Wanting goods and services, Can put you in a fizz, Be careful little eyes what you want. (clap, clap) Be careful little mind when you decide. (clap, clap) Be careful little mind when you decide. (clap, clap) Weigh the costs and benefits, They will help you quite a bit. Be careful little mind when you decide. (clap, clap) Be careful little hands when you choose. (clap, clap) Be careful little hands when you choose. (clap, clap) Opportunity cost Is the choice that is lost. Be careful little hands when you choose. (clap, clap) (By Martha Hopkins & Donna Wright) Used with permission. From Financial Fitness for Life: Pocket Power, K-2 Ms. Ramos