Economics Review.

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Presentation transcript:

Economics Review

Needs & Wants Examples: Examples Food Shelter Clothing Videogames What is a need? What is a want? Examples: Food Shelter Clothing Examples Videogames Ice cream Toys

Types of Resources What are the different types of resources? Natural Resources Materials that come from nature Capital Resources Goods made by people and used to produce other goods/services Human Resources People working to produce goods and services

Natural Resource Human Resource Capital Resource

Producers & Consumers What is a producer? People who use resources to make goods and/or provide services What is the name for people who buy or use the goods and services? consumers

Economic Scarcity What is economic scarcity? When there isn’t enough of something to go around What are some examples of economic scarcity?

Goods & Services What is a good? What is a service? Things people make or use to satisfy needs and wants What is a service? Activities that satisfy needs and wants How are goods and services similar? How are they different?

Some Examples of Goods and Services

Economic Interdependence Interdependence is when two or more people depend on each other for goods and services Can you think of examples?

Economic Specialization What is specialization? Focusing on one product or service What are some examples of specialization?

Specialization in the past Can you think of examples of specialization in the past?

Interdependence in the Past Can you think of examples of Interdependence in the past?

Specialization and Interdependence in Virginia What do we specialize in in Virginia? Shipbuilding What is an example of interdependence between Virginia and other countries? Other countries depend on Virginia for coal, and we depend on them for oil

Opportunity Cost Opportunity cost is… The “next best” choice that you give up when you make a decision When choosing between pizza, chips, and ice cream… If you like all three items, and you rank them as #1 – pizza, #2 - ice cream, #3 – chips Your first choice is : pizza Your opportunity cost is : ice cream

Economic Choice The choice or decision among alternatives or possibilities “alternatives” are all the options or possibilities you have to choose from