Economics Understanding Economics: What is Economics? Video: Understanding Economics: What is Economics? What 2 Watch 4 1.Is there an unlimited amount.

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Presentation transcript:

Economics

Understanding Economics: What is Economics? Video: Understanding Economics: What is Economics? What 2 Watch 4 1.Is there an unlimited amount of human resources? 2.What is the science that deals with the production, distribution, and consumption of goods and services? 3.What is production? 4.What terms refers to how people use the goods and services that are produced? 5.What determines who gets the goods and services? Who gets what? Who gets more? And who gets less? (1:39)

Is there an unlimited amount of human resources? No

What is the science that deals with the production, distribution, and consumption of goods and services? Economics

What is production? How goods are made with resources or how services are performed

What terms refers to how people use the goods and services that are produced? Consumption

What determines who gets the goods and services? Who gets what? Who gets more? And who gets less? Distribution

Distribution and consumption depends and how much people are willing and able to pay for goods and services. How much they are paid for willing to produce goods and services Wealthier people have more goods and services distributed to them.

What is the world’s most expensive spice? Saffron Page 93

Where in the world are the crocus flowers picked to make saffron? Kashmir region of India Page 93

How many crocus flowers are needed to make just one ounce of saffron? 4,700 flowers Saffron is made from three tiny orange stalks inside each flower that is then dried. Page 93

Crocus Flower

People picking Crocus flowers for Saffron spice

Individual Crocus thread

Pile of Saffron threads

Saffron Spice

Understanding Economics: Scarcity and Choice Video: Understanding Economics: Scarcity and Choice What 2 Watch 4 1.What occurs when our wants are greater than our ability to satisfy these wants? (2:43)

What occurs when our wants are greater than our ability to satisfy these wants? Scarcity

Scarcity forces us to makes choices Choice involves giving up other alternatives What choices best satisfy your wants