1. Lesson 1 Goods and Services The Things We Want
Economics
Lesson 1
Goods and Services
The Things We Want

2. Economics
The study of how productive resources (natural resources, human resources, & capital resources) are used to provide goods and services that satisfy human wants.

3. Productive Resources
Natural Resources-are resources and materials found in their natural form in the environment
Human Resources-the set of individuals who make up the workforce of an organization or business.
Capital Resources-a productive asset such as equipment, inventory, or the plant (building)

4. Goods Are tangible items that result from production.
Examples include items such as books, automobiles, pants, paper clips, and shovels.

5. Services
Are NON-phyiscal results of production and must be consumed as soon as they are produced.
Examples include the services of a dentist, teacher, or plumber

6. Goods and Services
Are by definition, things that people want (or need)
Sometimes there are NOT enough goods and services freely available to satisfy everyone’s wants (called SCARCITY--more on SCARCITY later)