1. Introduction to Economics
5th Grade

2. the study of how people choose to use resources
Economics is….
the study of how people choose to use resources

3. Basic Economic Terms Needs and Wants

4. Needs and Wants
A need is what you have to have to survive (food, clothing, shelter).
A want is what you would like to have.

5. Resources are what is available to you as a consumer.

6. Scarcity
Scarcity is what resources are not plentiful. There is not a lot of something.

7. Goods and Services Goods are things we use in daily life.
Services are when someone else does the work for us.

8. Distribution is the delivery of goods to the consumer

9. Consumption of Goods
Consumption of goods is when a consumer of goods buys and uses a product.

10. Supply and Demand
Supply is when manufacturers produce goods for consumers
Demand is consumers wanting and needing products.

11. Supply
Brief Youtube video

12. Demand
Long Lines at Apple Store

13. These are your basic Economics Terms!