1. Can We Have It All? Microeconomics Unit 1: Basic Economic Concepts

2. An Economic Way of Thinking Economics wouldn’t exist were it not for scarcity

3. We have wants unlimited

4. And live in a world with resources Limited

5. Scarcity is the condition in which our wants are greater than the resources available to satisfy those wants

6. How do we get the things we want? We produce it! Using the four factors of production

7. The Four Factors of Production: Land —all natural resources used to produce goods and services

8. Labor —the effort that a person devotes to a task for which that person is paid

9. Capital —any human-made resource that is used to produce other goods and services

10. Entrepreneur — ambitious leaders who decide how to combine land, labor and capital resources to create new goods and services

11. Sort the factors of production: Land Labor Capital Entrepreneur Break into groups of four and sort your photos into four piles

12. Wants are unlimited Resources are limited Therefore, People must make choices