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Economic Basics

This introductory guide explores the foundational concepts of economics, focusing on the distinction between wants and needs. It highlights that wants are limitless and enjoyable (like candy and video games), while needs are essential for survival (such as food and shelter). The text delves into the role of resources in making economic choices and decision-making, emphasizing the significance of opportunity costs and the impacts of our choices on ourselves and our communities. Ultimately, it reveals how these decisions shape our future and well-being.

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Economic Basics

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Presentation Transcript

  1. Economic Basics CTE intro FACS Tomorrows Millionaires

  2. Wants and Needs: • Wants are things that are nice to have. They are unlimited! • Television • Candy • Lots of clothes • Video games • Cell phone • Etc. • Needs are necessary to survival. You may die without them! • Food • Water • Shelter • Clothing

  3. Resources: • When resources are limited, people have to make choices. • Economic resources are what we use to produce goods and services. • Economic resources are natural, human and capital. • Goods are things you can touch, wear, eat, use, etc. • Services are what others do for you. • The role of government involves deciding how resources are used. • An economic system is the way a country decides who gets what resources.

  4. Human Resources: • mental or physical work by people

  5. Capital Resources: • tractors, computers, equipment, buildings, etc.

  6. Natural Resources: • air, water, land, plants, gifts of nature

  7. Choices: • Choices involve costs and benefits. • Each choice has both positives and negatives. • Our job is to choose so that the limited resources we have are used in the best way possible. • Choices can involve your time, your health, your money, your relationships, your values, your integrity, etc. • Opportunity cost is the term used to express the difference between what you chose and what you gave up.

  8. Affects: • Choices can affect ourselves. • Choices can affect others. • Choices can affect our community. • Choices can affect our world. • Choices can affect our future. • Choices can affect our children. • Choices can affect our families. • Choices can affect our careers. • Choices can affect our happiness. • Choices can affect our health. • The affects of our choices are unavoidable.

  9. Consequences: • Consequences are the outcome as a result of a choice or action. • Consequences we experience may be the result of someone else's choice or action. • Consequences can be immediate. • Consequences can lie in the future. • Consequences can be obvious. • Consequences can appear to be obscure. • You cannot avoid consequences.

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