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Understanding Economics: Scarcity, Resources, and Choices

This reading quiz focuses on the fundamental concepts of economics, including the economic problem of scarcity, the distinction between goods and services, and the identification of productive resources. It encourages students to reflect on their personal wants and how they can use their resources to achieve these desires. Participants will describe the economic problem, name human and capital resources, and explore how their chosen profession can meet a need or want. This activity promotes understanding of economics' role in decision-making and resource allocation.

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Understanding Economics: Scarcity, Resources, and Choices

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Presentation Transcript

  1. Reading Quiz 1.1 • Describe the Economic Problem • Name one human resource • Name one capital resource • What is the main difference between a good and a service?

  2. What is Economics? Chapter 1.1

  3. Warm-Up List the top five things you want in your life right now. (College, job, clothes, car, gf/bf etc.) Can you purchase/afford all of those things? Why or why not?

  4. The Economic Problem Although our wants/desires are unlimited, the productive resources available to satisfy these wants are scarce.

  5. Scarcity Not enough productive resources to satisfy people’s unlimited wants.

  6. Economics: What is it?? The study of how people use these scarce resources to satisfy their unlimited wants. *choices*

  7. Productive Resources • Human Resources • Natural Resources • Capital Resources

  8. Goods & Services Productive resources combined  goods and services • Goods: tangible • Services: intangible

  9. Your Turn…

  10. What is Economics: Activity • Choose a profession that you would like to enter. • Identify the following: • What good/service will you provide? • How does this good/service satisfy a need or want? • Which productive resources will you use? • How can you tell that these resources are scarce? • Share with a partner

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