1. Lecture #5: Basic Economic Language

2. Fill out B3 as we go through these notes

3. Goods & Services All Things
All things people want are either tangible or intangible
Tangible
Something that can be felt by touch
Example—book, car, etc.
Remember when taking Cornell Notes you need to come up with at least 3 questions per page!

4. Goods & Services cont. intangible
Something that cannot be felt by touch
Example—friendship, knowledge, experience.

5. Goods & Services cont. good
anything that satisfies a person’s wants or brings satisfaction
Utility
a good that brings a person satisfaction or happiness
Disutility
a good that brings a person dissatisfaction or unhappiness

6. Goods & Services cont. Services another ex of a tangible good
tasks that you pay other people
Ex: doctors, hair-stylists, car mechanics, etc.

7. Resources Goods & Services cannot be produced w/out resources
Types of resources
a.k.a
Factors of Production
Land: Natural resources used to produce goods and services
Includes: water, minerals, animals, nature, forests
Draw an example in your notes!

8. Resources cont.
Types of resources
a.k.a
Factors of Production
Labor: Any effort a person devotes to a task for which they are paid.
Weatherperson, economics teacher, construction worker
Draw an example in your notes!

9. Resources cont.
Types of resources
a.k.a
Factors of Production
Capital: Any human-made resource used to create other goods and services.
Machines, tools, computers, trucks, buildings, factories, etc.
Draw an example in your notes!

10. Resources cont.
Types of resources
a.k.a
Factors of Production
Entrepreneurship: a person who develops new businesses, products, or new ways of doing things.
Steve Jobs—Apple & iPod
Draw an example in your notes!

11. Copy this chart in your notes
Land
Popping Corn
Wheat
Labor
The human effort needed
to pop the corn
Capital
Corn-Popping Device

12. Summary
When completing your notes you need to write a 3-5 sentence summary of the lecture. This is a part of your notes grade!