CHAPTER 1 OUR ECONOMIC DECISIONS

NEEDS AND WANTS NEEDS--BASIC TO SURVIVAL WANTS--ADD TO THE QUALITY OF LIFE UNLIMITED WANTS--NEVER END

GOODS AND SERVICES GOODS--THINGS YOU CAN SEE AND TOUCH SERVICES--NEEDS AND WANTS SATISFIED BY EFFORTS OF OTHER PEOPLE

ECONOMIC RESOURCES FACTORS OF PRODUCTION NATURAL RESOURCES--RAW MATERIALS HUMAN RESOURCES--PEOPLE WHO WORK TO PRODUCE GOODS AND SERVICES (LABOR) CAPITAL RESOURCES--TOOLS, EQUIPMENT, AND BUILDINGS ENTREPRENEURSHIP-CASH AND IDEAS

LIMITED RESOURCES SCARCITY--BASIC ECONOMIC PROBLEM UNLIMTED WANTS AND LIMITED RESOURCES!!!!!! SCARCITY AFFECTS INDIVIDUALS, BUSINESSES, AND THE GOVERNMENT

ECONOMIC CHOICES NEED TO CHOOSE WHAT YOU WANT AND NEED; AND WHAT YOU CAN AFFORD!! DECISIONS, DECISISONS, DECISIONS...

DECISION MAKING PROCESS 1. DEFINE THE PROBLEM(DECISION) 2. IDENTIFY THE CHOICES 3. EVALUATE THE ADVANTAGES AND DISADVANTAGES 4. CHOOSE 5. ACT ON YOUR CHOICE 6. REVIEW YOUR DECISION

FYI WHAT DO STUDENTS WANT OUT OF LIFE? ACADEMIC SUCCESS? MORE PEOPLE WORK IN SERVICE JOBS CAPITAL GOODS ARE IMPORTANT BECAUSE THEY HELP PRODUCE EFFICIENTLY AND CHEAPLY ORDERLY APPROACH TO DECISION MAKING IS MORE EFFECTIVE

CRITICAL THINKING ENVIRONMENTAL PERSPECTIVES; SEE PAGE 11. DECISION MAKING ACTIVITY

BADLANDS Workin’ in the fields ‘Till you get your back burned Workin ’neath the wheel ‘Till you get your facts learned Baby I got my facts Learned real good right now Poor man wanna be rich Rich man wanna be king And a king ain’t satisfied ‘Till he rules everything I wanna go out tonight I wanna find out what I got