Download presentation
1
INTRODUCTION TO ECONOMICS
2
Human Wants and Needs Survival related needs
Culturally determined wants Characteristics of wants Varied Unlimited
3
Resources Used to satisfy needs & wants Four types of resources Labor
Natural Capital e.g., machines and equipment Efficiency through indirect production Entrepreneurship--organizing skills
4
Resources Characteristics of resources Technology Limited Versatile
increases society’s ability to satisfy needs and wants
5
scarcity The Economic Problem
Limited resources & unlimited wants cause How do we deal with scarcity? scarcity
6
The Economic Problem (cont.)
Ways of dealing with scarcity Increasing supply Finding substitutes Reducing demand Violence Prices Economics--deals with methods of allocating scarce resources $
7
The Economic Problem (cont.)
Questions to be answered by every society What to produce How to produce For whom to produce
8
The Economic Problem (cont.)
Equity vs. Efficiency ME ME YOU YOU
Similar presentations
© 2025 SlidePlayer.com. Inc.
All rights reserved.