1. Goods and Services See and touch
Activities that are consumed at the same time they are produced.

2. U.S. Economy Largest producer of goods and services
Americans consume more than any other country
2x more shopping malls than schools!
Debt through loans and credit cards
Make sure important needs and wants are satisfied

3. Economic Resources Raw materials supplied by nature
Limited
Natural Resources
Human Resources
Capital Resources
Raw materials supplied by nature
Oil
Minerals
Nutrients
Bodies of water
Food
People producing goods and services
Anyone involved in producing the product or making it available
Products and money used in production of goods and services
Money
Buildings
Supplies
Equipment

4. Economic Resources Give 2 examples of type of resource
Natural Resources
Human Resources
Capital Resources

5. 1-1 Assessment
Answer questions 1-4

6. 1-2 Economic Choices

7. Economic Choices Activity

8. Basic Economic Problem
SCARCITY
Not having enough resources to satisfy every need

9. Economic Decision-Making
Process of choosing which wants, among several options, will be satisfied.

10. When you give up something to have something else.
Tradeoff
Opportunity Cost
When you give up something to have something else.
Value of the next-best alternative that you did NOT choose
What you are willing to give up in order to have your first choice

11. Decision Making Process
6. Review your decision
5. Act on your choice
4. Choose one
3. Evaluate the advantages and disadvantages of each choice
2. Identify the choices
1. Define the problem

12. 1-2 Assessment Problems 1-4
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