Economic Essentials #1 What is economics?. Economics The study of the choices people make to satisfy wants and needs.

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Presentation transcript:

Economic Essentials #1 What is economics?

Economics The study of the choices people make to satisfy wants and needs

What’s the difference? List 5 things you need and 5 that you want NEEDS WANTS

Who decides what to make? Producers : –Makers of products –How do they decide what to make? Consumers : –Those who decide to buy things –How do they decide what to buy?

Which one do you buy? 75 cents$1.25 WHY???

How do you make decisions? Good – physical, tangible product – shirt, car, candy bar Service – actions or activities – lawyer, movie, hair cut Which one do you spend more money on?