Economic Empowerment What is it?

It Means:  Having enough money to meet your needs  But…what are your needs?

Needs vs. Wants  Let’s discuss: What is the difference between needs and wants?  In a small group discuss the question. Be prepared to give an answer to the class!

Here are some notes for you  The difference between a need and a want is….  A need is…  A want is…

Economies in History  Throughout time, every society in the world has had some kind of economic system. Its main purpose is to answer the following questions:

 1) What goods and services do people need and want?  2) How can we produce these goods and services?  3) How will we distribute them?

Pre-Industrial (Colonization- 1850’s) Industrial (1850’s-1960’s) Post-Industrial (1960’s-present day) Needs and Wants Food and homemade goods Manufactured goods and natural resources such as minerals Information services and manufactured goods ProductionFamily farms and hunting groups Simple tools operated by human, wind, water, or animal power Big factories Mechanical tools such as steam and gas engines Big and small companies Computers and the Internet DistributionSharing, trading, or buying and selling Mostly buying and selling

 Timeline!

NeedsWants 

Economic Sectors What do you notice about the way they are named? SectorDefinitionExample Primary Secondary Tertiary Quaterary