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Year 8 Economics
Transcript of Year 8 Economics
Year 8 Economics
Economics is all about working out how to satisfy our needs and wants.
Needs and Wants
We usually classify wants into two different categories
More about Wants
The factors of production are all those resources that go into producing goods and services
Factors of Production
Needs are those things which are essential for maintaining life (necessities)
Wants include all our needs as well as those things which we desire, but do not necessarily need to have.
New fashion and accessories
There are different types of wants
These are the things that you want for yourself (individually)
They may include:
A new phone
A new dress or pair of jeans
To go to the movies
To satisfy these wants we purchase
These are things that are wanted by a whole community.
These may include:
Power (e.g electricity)
These wants are provided by the government, using the
that we pay.
Wants also have certain characteristics
Characteristics of Wants
Some wants continue to occur again and again
Food (for me particularly chocolate)
Some wants go with others
Petrol for your car
DVDs to play on your DVD player
Our wants are never ending. As soon as we satisfy one, there is something else we want.
You may go to the movies on the weekend with some friends, but then when a new movie comes out you want to go to see that one.
What we want changes over time.
This may be because of our
Because we have a limited income, we cannot satisfy all our wants at once.
This means that we have to make a choice about which wants to satisfy with our income
We may want to go to the movies with some friends and you also want to buy a new computer game. However you only have enough money for one. This means you will have to make a choice.
There are 4 factors of production, they are:
These are all the natural resources we get from the Earth.
They include plants, animals, wind, water.
Land can also be divided into two different types
Non- Renewable Resources
These are resources that with carefully management, can be reused or recycled.
For example: water, wind, trees
These are resources that can only be used once or there is a finite (limited) amount of.
For example: coal, metals
These are all the human resources used to produce goods and services.
This can be both......
Physical - which is all the physical work done by people to produce goods and services.
Intellectual - this is all the mental effort that is done by people in the production of goods and services.
E.g. hammering, planting, driving, operating machines
E.g. Designing, planning, inventing
These are all the human made tools and equipment we used to help us produce goods and services.
E.g. Hammers, computers, trucks etc.
NOTE: Money is not capital, it is simply a way of making exchanges easier.
This is the combining of the other 3 factors of production to provide goods and services for people.
A person who does this is called an 'Entrepreneur'
E.g. A dairy farmer, Cadburys, Apple inc.
Usually an hourly amount for work you have done.
Usually a yearly amount you earn for working.
We usually divide income into earned and unearned
Income is money that is received on a regular basis from sources such as work, business, welfare payments or property.
This is when people use their labour, money or property to earn and income.
Earned income can include
This is when people do not earn any money from work, but instead receive money from the government.
A set amount of money received for providing a service
E.g. Doctors, hairdressers
Money received by a person from renting out their property.
Money you receive from investing your money in financial institutions. E.g Bank account
Money that is sometimes paid to you for owning shares in a company. The amount is based on the profit the company has made and the quantity of share you own.