Why Study Economics?

What is a resource?

• Things that are produced

• Anything that is used to make a good or service.

• Work done for other people.

What is a need?

• Things we would like to have.

• Something that is necessary to have in order to remain alive.

What is economics?

• Study of how people, and countries make choices on buying, selling, using, and distributing things.

• Study of how wealth is distributed to all people in a society.

• Study of how money is distributed.

Other than people, who else makes economic decisions?

• Countries and Companies

• Schools

• Organizations

What is a want?

• Something we need to remain alive.

• Things that we would like to have.

What is a service?

• Work done for other people.

• Work done for myself, and my own benefit.

What is a type of good?

• Things that are produced or manufactured.

• A car or video game.

What do economic decisions begin with?

• Fulfilling our basic needs and wants.

• The government

• The people

• Bugs Bunny

The things people want and need are classified in what two areas?

• Goods and services

• wants and needs

What do you need to survive?

• Water, food

• chips

• Chick-fil-a

• your mans