Introduction to Economics

What is economics?

• The study of how the human body works.

• The study of different cultures around the world.

• The study of how a society's resources are shared.

• The study of climate

Something like air, food, or shelter that is necessary for survival

• needs
• wants
• economics
• goods

An item that people desire but that is not essential to survival

• need
• want
• economics
• goods

Which one is a need? 

• Water
• Soda
• TV
• iPhone

A physical object such as clothes or shoes.

• Goods
• Services
• Shortages
• Resources

Actions or activities that one person performs for another

• Capital
• Shortages
• Services
• Factors of Production

Clothing

• Needs
• Wants

Cell phone

• Needs
• Wants

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.RL.1.4

Spring vacation

• Needs
• Wants

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.RL.1.4

What does an auto mechanic provide?

• good

• service

• both