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Economic Decisions Review

Economic Decisions Review. By Mr. Soule. Difference between Needs and Wants. Needs: -are essential to live -Food -Cloths -Shelter. Wants: -add to the quality of life -Cars -Big house -New TV -Ipad -Etc.…. Needs and wants are unlimited.

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Economic Decisions Review

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  1. Economic Decisions Review By Mr. Soule

  2. Difference between Needs and Wants • Needs: -are essential to live -Food -Cloths -Shelter • Wants: -add to the quality of life -Cars -Big house -New TV -Ipad -Etc.… Needs and wants are unlimited

  3. How do people satisfy their wants and needs? • People satisfy their wants and needs by purchasing and consuming goods and services.

  4. What is the difference between Goods and Services Goods Services These are satisfied by the efforts of other people or equipment. -Hairstylist -Arcade games -Music lesson • These are things that you can see and touch. -Ipad -laptop -cloths -car

  5. Economic Resources • Natural resources • Human resources • Capital resources Resources are limited

  6. Natural Resources • This is all material that comes from the Earth -Iron -Gold -Oil -Copper are all examples All products in the class are made up of natural resources.

  7. Human Resources • The people who work to produce the goods and services. -Farmers -Factory workers -Police -Insurance Reps Remember you are a human resource and you will be a valuable asset for a company

  8. Capital Resources • These are the tools, equipment, and the buildings that are used to produce the goods and services. -Office Buildings -Computers -Delivery Trucks • Capital is also another term for money to run a business

  9. Limited Resources • There is a limited amount of resources that we can have. • No one has unlimited amount of capital or resources • Scarcity affects everyone -Basic economic problem- unlimited wants to limited resources.

  10. Decision Making Process • Define the problem • Identify the choice • Evaluate the advantage and disadvantage of each choice. • Choose • Act on your choice • Review your decision

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