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Foundations of Economics

Foundations of Economics. Strand 5 : Concept 1. Wants & Needs. Want – everything that is not necessary to keep us alive Needs – things that keep us alive. Resources & Scarcity. Resources – things people use to make things they want or need

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Foundations of Economics

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  1. Foundations of Economics Strand 5 : Concept 1

  2. Wants & Needs • Want – everything that is not necessary to keep us alive • Needs – things that keep us alive

  3. Resources & Scarcity • Resources – things people use to make things they want or need • Scarcity – when people don’t have enough resources to satisfy their needs and wants

  4. Opportunity Cost & Trade-off • Opportunity Cost – when you CHOOSE one thing over another Watch video clip: http://www.investopedia.com/video/play/opportunity-cost/#axzz2ExmeCyfb • Trade–offs – when you GIVE UP one thing in order to have another • Trade-offs CREATE opportunity costs - one of the most important concepts in economics.  Whenever you make a trade-off, the thing that you do not choose is your opportunity cost.

  5. Market Economy • Goods – products you can touch and see • Services – activities that satisfy a want or need • Market Economy – an economy in which ordinary people decide what, how, and for whom to produce goods and services

  6. PIZZA WARS! • Create a poster to promote your new Pizza Shop! • Your shop needs a name, types of pizza (thin crust, deep dish, white, brick oven etc.) • Include the cost $$$ for at least 3 different sizes and types of pizza • Your poster must include 4 Economic Terms from this list: Needs, Wants, Resources, Scarcity, Goods, Service ***You MUST relate the terms to your Pizza Shop!*** • Poster Requirements: Full color, include a Logo for your shop, and pictures (hand draw or printed) Markers for OUTLINING only! • You may add any other information to enhance your Pizza Shop Poster! • ***Sorry, NO Pepperoni (due to scarcity)!

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