1. What is Economics?
The study of how ppl. try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.

2. What do you want?

3. Scarcity
The condition that results from society not having enough resources to produce all the things ppl would like to have

4. How are our limited resources going to be used?
What to produce?
How to produce?
For whom to produce?

5. Factors of Production Land: Any resource that comes from nature
For example: water, oil, coal, gold, silver…

6. Factors of Production
Labor resource: work performed

7. Factors of Production
Capital
Money (financial)
Machinery/tools

8. Factors of Production
Entreprenuer: someone that comes up with the idea; inventor