What to Produce

Economics:
What to Produce

What to Produce

• Definition of Scarcity:

  • Resources (such as land, labor, and capital) are limited.

  • Human wants and needs are unlimited.

• Example: Limited Resources vs. Unlimited Wants:

  • People want many things (goods and services), but resources are limited.

  • Choices must be made about what to produce and what to forgo.

Multiple Choice

What is scarcity?

• Scarcity is the equal distribution of resources.
• Scarcity is the unlimited availability of resources.
• Scarcity is the limited availability of resources.
• Scarcity is the absence of resources.

Drag and Drop

Resources are ​

Placeholder

. Human wants and needs are ​

Placeholder

.

Drag these tiles and drop them in the correct blank above

limited

unlimited

Factors Influencing What to Produce

• Consumer Demand:

  • The desire for goods and services by individuals and households.

  • Influenced by factors such as preferences, income, and advertising.

• Available Resources:

  • The natural, human, and capital resources available for production.

  • Limited availability may impact the production of certain goods and services.

Factors Influencing What to Produce

• Technology:

  • Advances in technology can influence what products are produced and how efficiently they can be produced.

• Government Policies:

  • Regulations and taxes implemented by governments can affect what goods and services are produced.

  • Policies may aim to promote certain industries or protect the environment.

Multiple Select

Factors influencing what to produce are... (SELECT ALL THAT APPLY)

• demand

• resources

• technology

• policies

Poll

In your opinion, which of the four do you think is the most difficult to overcome?

• demand

• resources

• technology

• policies

Multiple Choice

Which of these is a consumer demand?

Multiple Choice

Which of these is an available resource?

Multiple Choice

Which of these is technology?

Open Ended

In your own words, describe production (in an economic setting):