Chapter 1Chapter 1

By: Kelsey WinchesterBy: Kelsey Winchester

Economic SystemEconomic System

Needs and Wants

Needs:Needs:• FoodFood• ShelterShelter• WaterWater

Wants:Wants:• I phoneI phone• DogDog• PursePurse

Goods

• Goods are things that you can see Goods are things that you can see and touch. and touch.

Services

• Services are activities that are consumed Services are activities that are consumed at the same time they are producedat the same time they are produced. .

Natural Resources

• OceanOcean• OilOil

• MineralsMinerals

Human Resources

• Truck driversTruck drivers• FarmersFarmers

• Factory workersFactory workers

Capital Resources

• BuildingsBuildings• EquipmentEquipment• SuppliesSupplies