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scarcity and the science of economics chapter 1 section 1

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Chapter 1: What is Economics? 2. Chapter 1 Section 1. Scarcity and the Science of Economics Key Terms scarcity, economics, need, want, factors of production, land, capital, financial capital, labor, entrepreneur, production, Gross Domestic Product (GDP) Objectives After studying this section, you will be able to: 1. Entrepreneurship The Factors of Production • • Economics • Study of how people try to satisfy their needs and wants through the careful use of ... Scarcity—The Basic Economic Problem EPP Chapter 1: Section 1 - Scarcity and the Science of Economics questionscarcity answerfundamental economic problem of meeting people's virtually unlimited wants with limited resources questioneconomics answersocial • Since we are unable to have everything we desire, we must make choices on how we will use our resources. Objectives: 1. Resources are needed to produce the goods and services that satisfy our wants. scarcity, economists say the factors of production, or the economic resources needed to produce goods and services. Economics - the branch of knowledge concerned with the production, consumption, and transfer of wealth. Economics is the study of _____. Scarcity occurs when our wants are greater than the resources available to meet them. Labor 3. • They divide these factors into 4 main categories: 1. SECTION1 4 Chapter 1 Scarcity: The Basic Economic Problem As you read Section 1, complete a cluster diagram showing how scarcity is the central concept of economics. Now you must decide on location, music, and refreshments. Land 2. CHAPTER 1: SECTION 1 The Foundation of Economics Scarcity Exists A want is something that we desire to have. Explain the fundamental economic problem. Section 1—Scarcity and Factors of Production. During the holiday season of 1996, a children's toy appeared on Good Morning America. Lesson 1: Scarcity and the Science of Economics. However, resources are limited. The value of a good or service depends on its scarcity and utility. Use the Graphic Organizer at Interactive Review @ ClassZone.com In Section 1, you will • explain how the economic definition of scarcity differs from the common definition List the problem that each of the following faced: The Consumers – You and I. What is Economics? The Stores – Babies R Us. Scarcity - the state of being scarce or in short supply; shortage. Name Date Block Unit 1: Thinking Like an Economist Chapter 1: What is Economics Section 1: Scarcity and the Science of Economics A. Scarcity and the Science of Economics Why We Have Scarcity 1. Economics is divided into 2 branches: Microeconomics- deals w/ human behavior and choices as they relate to small units- an individual, a business firm, a single market The Producer – Mattel . ... $7.25 an hour $65,000 a year $21.1 Million a year. • Economics is the science of scarcity. 2. • Scarcity is the condition in which our wants are greater than our limited resources. The toy, produced by Mattel, had sat on the shelves with very little sales until it appeared on the show. Students will know: Societies do not have enough productive resources to satisfy everyone’s wants and needs, so they must make choices about what, how, and for whom to produce. ... economic problem facing all societies resulting from a combination of scarce ... after the first 2 questions are answered, they must decide who will receive the ... Chapter 1 Section 1. Scarcity and the Science of Economics Chapter 1 Lesson 1 • Scarcity • Society not having enough resources to produce all the things people need and want. Economics- the science that studies how people seek to satisfy their needs + wants by making choices. Scarcity and the Science of Economics. 1 Splash Screen Chapter Menu Chapter Introduction Section 1: Scarcity and the Science of Economics Section 2: Basic Economic Concepts Section 3: Economic Choices and Decision Making Visual Summary Chapter Intro 1 Congratulations on being selected to head up the prom committee! Capital 4. Start studying Chapter 1, Section 1: Scarcity and the Science of Economics. Chapter 1-What is Economics? Fundamental Economic ConceptsScarcity and the Factors of Production. Mattel, had sat on the shelves with very little sales until it appeared on good Morning.! 1996, a children 's toy appeared on good Morning America these factors into 4 main:... 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