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Civics and Economics Chapter 8 Lesson 1
Transcript of Civics and Economics Chapter 8 Lesson 1
Economic Concepts and Terms
design by Dóri Sirály for Prezi
What is an
The system by which people in a society make decisions about how to use their resources to produce goods and services
Scarcity and Choice
Scarcity: the basic economic problem
- People's resources are limited
- Wants will always be greater than the resources to satisfy those wants
Resources and Factors of Production
- Factors of production: resources used to produce goods and services. 4 types of resources
Production and Consumption
the use of resources to make goods or provide services
Supply and Demand
Basic Economic Concepts
Standards and Objectives
CE. 11a- The student will demonstrate knowledge of how economic decisions are made in the marketplace by applying the concepts of scarcity, resources, choice, opportunity cost, price, incentives, supply and demand, production, and consumption
Ticket out of the Door
1. What is scarcity and how does it relate to resources, choice, and opportunity cost?
2. How does production relate to consumption?
3. What is the law of supply? What is the law of demand?
1. Explain the concepts of scarcity, resources, choice, and opportunity cost and relate it to their lives
2. Describe the factors of production and relate them to consumption
3. Diagram the concept of supply and demand
...Therefore, people need to make
- When you choose one of the choices above, you are giving up the fun you would have had with the other choices; this is known as
- The value of the next best alternative you give up when making
1. Natural resources:
land, forests, fish, minerals, sunlight (things occurring in nature)
2. Human resources:
people's labor to produce goods and services
anything used to make other products (tools, machines, parts)
an entrepreneur is a person who starts a business: this person brings together the factors of production to produce a good or service
the act of using goods and services
(fertile soil, sunlight, rain)
(the labor of all workers on a farm)
(tractor, shovel, and other farm tools)
(the farm owner)
Incentives: Things that motivate people and drive economic behavior
- The chance to make a profit is an entrepreneur's incentive for opening a business
- Your economic choices are based on incentives as well
consumers want to buy
are incentives for what producers
- Make your own examples of this idea above
The amount of a good or service
that consumers are willing and able to buy at a certain price
The amount of a good or service that producers are willing and able to sell at a certain price
The amount of money exchanged for a good or service
*Price determines who will buy goods and services*
Consumers will buy more of a product at a lower price than at a higher price
Law of Demand
Producers will provide more of a product at a higher price than at a lower price
Law of Supply