1. Scarcity is the idea that we can’t have everything we want. As much as we would like to have…. …there are limits that keep us from having everything.

2. What are these limits that keep us from having everything?

3. Scarce (lack of / limited) resources

4. What is ECONOMICS? It is the study of how people (individual, family, government, school, church) make decisions (choices) given the resources (scarce resources) that are provided to them.

5. What are resources? Natural resources Human resources Capital resources are materials from nature that people can use include money to start a new business, tools, buildings, machinery & other assets are the people needed to grow or make and sell goods or services. goods services

6. Econedlink http://www.econedlink.org/interactives/EconE dLink-interactive-tool-player.php?iid=179

7. Goods Tangible things / products that can be used/bought or sold to satisfy needs or wants. Services Activities / work that people do for others to satisfy needs or wants. Resources are goods and services that people either need or want.

8. What is the difference between needs and wants?

9. Econedlink

10. Often life is 'This OR That' not 'This AND That.'

11. scarcity

12. Scarcity means we all have to make choices and all choices involve "costs."

13. Not only do you have to make a choice every minute of the day because of scarcity, but, when making a choice, you have to give up something of value (opportunity cost).

14. To be asked to make a choice between 'this toy OR that toy' is difficult for students who want every toy.

15. A goal in life for each of us is to, look at our wants, determine our opportunities and try and make the best choices by weighing the benefits and costs.

16. What is economics?

17. & needs ECONOMICS studies how individuals, governments, firms and nations make choices on allocating scarce (limited) resources (goods and services) to satisfy their unlimited wants and needs.

18. Do you know that you have two roles in the economy?

19. People who USE goods and services. CONSUMERSPRODUCERS People who MAKE goods and services.

20. http://www.econedlink.org/interactives/EconEdLink-interactive- tool-player.php?filename=em457_story1.swf&lid=457 http://www.econedlink.org/interactives/EconEdLink-interactive-tool- player.php?filename=em457_story2.swf&lid=457 Econedlink

21. Why is understanding economics important in history?

22. Studying economics will help us understand the choices made by people.

23. Learning from experiences and mistakes of our ancestors will help us better understand history and the world in which we live in.

24. It will help us make better economic choices.