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Transcript of Scarcity
for survival. Want is a way of expressing a need. Needs vs Wants TINSTAAFL There is no such thing as a free lunch. Most things in life are not free because someone has to pay for the production in the first place. Three basic questions Societies have to answer about the way their resources are used? Land: natural resources not created by humans. Capital: tools, equipment, machinery and factories used in the production of goods and services. Labor: people with all their efforts, abilities and skills Entrepreneur: a risk-taker in search of profits who does something new with existing resources. Production The process of creating goods and services. Key Elements of the Study of Economics description: We need to know what the world around us looks like. explanation: If we all have a common understanding of the way our economy works, some economic problems will be much easier to address or even fix in the future. prediction: It can help predict what may happen as well as the likely consequences of different courses of action. Factors of Production Which photograph represents a limited resource?
Which photograph represents unlimited wants? Economists describe what is happening, analyse why things work, explain it to the rest of us and try to predict what will happen next. What limited, or scarce, resource is the father using? What choice does he make? What two wants or needs must he choose between satisfying? Review of today.