2. Objective 1 - -TSW understand
key concepts.
(P.I )
Objective 2- -TSW categorize and
apply key concepts to
real-world examples.

3. *What is the
definition of
Wealth?

4. Wealth--Economic products
which are tangible, useful,
scarce, and transferred from
one person to another.
*It is hard to measure wealth
because it does NOT include
contributions and talents but
they can be used to obtain
wealth.

5. 2. Consumer Goods--manu- factured items used to satisfy wants.
3 Items of Wealth
1. Land--natural resources existing
w/out human effort.
2. Consumer Goods--manu-
factured items used to satisfy
wants.
3. Capital Goods--manufac-
tured items used in business.

6. 4. Delivery van for a florist
Land Consumer Goods Capital Goods
1. Tractor on a farm.
2. Soil on a farm.
3. T-shirt for a student
4. Delivery van for a florist
5. Van to carry cheerleaders to the game.
6. Iron ore used to make steel.
7. Building for a grocery store
8. House for the Jones family.
9. Tool set for a mechanic .
10. Tool set for the Mechanics 101 class.

7. $15,000 Furniture Used Car Carpet Vacation Opportunity Cost
The value of what must be given
up to obtain something else. (The
next best alternative.)
$15,000
Furniture
Carpet
Vacation
Used Car

8. Exit Ticket
*Write a paragraph about a time when you, a business, a church, organization or government had to make an economic decision. Be sure to tell the options, the trade-offs, opportunity cost and the economic choice.