Economics! TypePad经济学 TypePad.pptVIP

SSEF1 THE STUDENT WILL EXPLAIN WHY LIMITED PRODUCTIVE RESOURCES AND UNLIMITED WANTS RESULT IN SCARCITY, OPPORTUNITY COSTS, AND TRADEOFFS FOR INDIVIDUALS, BUSINESSES, AND GOVERNMENTS. B. DEFINE AND GIVE EXAMPLES OF PRODUCTIVE RESOURCES (FACTORS OF PRODUCTION) (E.G., LAND (NATURAL), LABOR (HUMAN), CAPITAL (CAPITAL GOODS), ENTREPRENEURSHIP). A. DEFINE SCARCITY AS A BASIC CONDITION THAT EXISTS WHEN UNLIMITED WANTS EXCEED LIMITED PRODUCTIVE RESOURCES. Economics! What is Economics? How people try to satisfy their needs and wants by making choices Need – Things that are necessary for survival Want – Things we desire, but can live without. Why do we have to choose?! Can we have it all? Is there enough to satisfy everybody? This is called Scarcity: limited amounts of resources to meet unlimited wants 1) Limited 2) Desired 3) More than 1 valuable use What do we choose? Goods: Physical objects – shoes, food, shirts, houses, etc Services: Actions that one person does for another – haircut, dentist, tutoring. How are goods and services made? Factors of production: resources used to make goods and services Land: Natural resources – farmland, coal, water Labor: Effort a person puts into making something Capital: Human-made resource used to produce goods and services. Physical and Human. Physical v Human Capital Physical: Buildings and tools Extra time More knowledge More productivity (making more) Human: Knowledge and skills a worker gains through education and experience Who puts the resources together? Entrepreneur: people who put together land, labor, and capital to create new goods and/or services. Make: New ideas Businesses Industries Economic growth Practice Get into groups of 2 On a large sheet of paper I want you to: Draw 2-3 examples of the Factors of Production Define each Factor of Production Use each Factor of Production in a sentence Be sure to include human physical capital iRespond Question Master A.) Response A B.) Response B C.) Response C D.) Re