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ECONOMICS“The Study of Money”
ECONOMICS“The Study of Money”
Sol 2.7, 2.8, 2.9Mrs. Long
April 3, 2008
Sol 2.7, 2.8, 2.9Mrs. Long
April 3, 2008
What are Natural Resources?
What are Natural Resources?
Natural resources come from NATURE.
They are materials found in and on the earth.
Examples would be water, soil, wood, and coal.
Natural resources come from NATURE.
They are materials found in and on the earth.
Examples would be water, soil, wood, and coal.
What are Human Resources?
What are Human Resources?
Human Resources are PEOPLE who work to produce goods and services.
People have many kinds of jobs such as being farmers, miners, builders, and painters.
Human Resources are PEOPLE who work to produce goods and services.
People have many kinds of jobs such as being farmers, miners, builders, and painters.
What are Capital Resources?
What are Capital Resources?
Capital resources are the tools people make and use to make other things.
Capital resources can also be used to do work.
Hammers, computers, trucks, lawn mowers, and factory buildings are examples of capital resources.
Capital resources are the tools people make and use to make other things.
Capital resources can also be used to do work.
Hammers, computers, trucks, lawn mowers, and factory buildings are examples of capital resources.
A good is something that someone makes that you want or
need.
A good is something that someone makes that you want or
need.
A Service is an activity that you
want or need. It is something that
someone does for you.
A Service is an activity that you
want or need. It is something that
someone does for you.
What is a Producer ?What is a Producer ?
Producers are people who use natural, human, and capital resources.
One example is a person who makes a car.
Another example is a person who bakes a cake.
Producers are people who use natural, human, and capital resources.
One example is a person who makes a car.
Another example is a person who bakes a cake.
What is a Consumer ?What is a Consumer ?
Consumers are people that buy something. (CUSTOMERS)
You can buy two kinds of things: goods and services.
Consumers are people that buy something. (CUSTOMERS)
You can buy two kinds of things: goods and services.
BarterBarter
Barter is to trade goods and services without the use of money.
For example: the early settlers and Native Americans bartered with each other.
Barter is to trade goods and services without the use of money.
For example: the early settlers and Native Americans bartered with each other.
Economic ChoiceEconomic Choice
An economic choice is when we make a choice using money.
When we make an economic choice we choose between things we want.
An economic choice is when we make a choice using money.
When we make an economic choice we choose between things we want.
Opportunity CostOpportunity Cost
If we have $3.00 to spend, we may choose to rent a video or eat at our favorite fast food restaurant. We cannot do both.
What we give up when we make an economic choice is called our opportunity cost.
If we have $3.00 to spend, we may choose to rent a video or eat at our favorite fast food restaurant. We cannot do both.
What we give up when we make an economic choice is called our opportunity cost.
ScarcityScarcity Scarcity is when we cannot have everything we want at the same time.
Oh Scarcity (sung to the tune of Oh Christmas
Tree)Oh Scarcity! Oh Scarcity!
We can’t have all the things we want.Oh Scarcity! Oh Scarcity!We cannot have it all.
We really want a lot of stuff.But sometimes there’s just not enough.
Oh scarcity! Oh Scarcity!We cannot have it all.
Scarcity is when we cannot have everything we want at the same time.
Oh Scarcity (sung to the tune of Oh Christmas
Tree)Oh Scarcity! Oh Scarcity!
We can’t have all the things we want.Oh Scarcity! Oh Scarcity!We cannot have it all.
We really want a lot of stuff.But sometimes there’s just not enough.
Oh scarcity! Oh Scarcity!We cannot have it all.
REVIEWDraw a line from the vocabulary word to the
correct definition.
REVIEWDraw a line from the vocabulary word to the
correct definition.
Consumer
Good
Barter
Natural Resources
Human Resources
Consumer
Good
Barter
Natural Resources
Human Resources
Materials that come form nature.
To trade goods and services without using money.
When you buy something you are a
Something that someone makes that you want or need.
People who work in jobs to produce goods or services.
Materials that come form nature.
To trade goods and services without using money.
When you buy something you are a
Something that someone makes that you want or need.
People who work in jobs to produce goods or services.
Review Continued…Review Continued…
Service
Producers
Economic Choice
Opportunity Cost
Scarcity
Capital Resources
Service
Producers
Economic Choice
Opportunity Cost
Scarcity
Capital Resources
The tools people use to make other things.
When we cannot have everything we want at the same time.
When we make a choice using money.
What we give up when we make an economic choice.
An activity that you want or need that someone does for you.
People who use resources to produce goods and provide services.
The tools people use to make other things.
When we cannot have everything we want at the same time.
When we make a choice using money.
What we give up when we make an economic choice.
An activity that you want or need that someone does for you.
People who use resources to produce goods and provide services.
