Fundamental Economic Concepts. Scarcity The most basic of all economic problems. The problem of unlimited human needs and limited productive resources.

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Presentation transcript:

Fundamental Economic Concepts

Scarcity The most basic of all economic problems. The problem of unlimited human needs and limited productive resources.

Economics The study of how people use limited resources to produce and exchange for the goods and services they need. Or quite simply…

How we choose to deal with the problem of scarcity.

Goods and Services

Free Good (abundant)- the quantity supplied exceeds the quantity demanded. Free Goods

The Factors of Production Natural Resources Human Resources Capital Resources Entrepreneurship

Natural Resources

Human Resources Human Resources

Capital Resources This differs from financial capital.

Entrepreneurship APG EXAM Scores

Because of Scarcity, Choices Must be Made

Economics Includes: AND