Start-Up Make a list of 5 things you want to get done this week. After 1 day, do you think you will do all of the things on your list? Which things are.

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Presentation transcript:

Start-Up Make a list of 5 things you want to get done this week. After 1 day, do you think you will do all of the things on your list? Which things are you most likely to do? Why do you have to make choices? Explain your thinking.

Thursday, August 27, 2015 Objective: Students will be able to explain why scarcity and choice are basic economic problems faced by every society. Purpose: Addressing the concept of scarcity is what answers the basic economic questions.

What is scarcity? Scarcity there are limited resources that are used to satisfy unlimited wants Scarcity is the single most important problem addressed by an economic system. Societies and individuals must make choices about what to produce and what to consume. Economics is basically a study of how individuals, businesses and governments make choices about what to produce and what to consume.

Needs vs. Wants Needs: things the are necessary for survival What are things that would be classified as needs? Wants: things that are desired but not needed for survival What are some things that would be classified as wants?

Goods and Services Goods: products that are useable, can be transferred between people, and is used to satisfy wants and needs Service: work that is performed by someone else What are some examples of services?

Shortage Shortages: occurs when there is not enough of something that is needed or desired What are some examples of shortages? Examples: 1970s oil shortage in the United States, shortages of basic goods (currently in Venezuela and in the Soviet Union in the 1980s)