6 th Grade Social Studies Unit 6, Lesson 1: What is Economics? 1

Every society has RESOURCES.

NATURAL (Land) RESOURCES CAPITAL RESOURCES HUMAN (Labor) RESOURCES

Every society has RESOURCES NATURAL (Land) RESOURCES CAPITAL RESOURCES HUMAN (Labor) RESOURCES which are used to produce GOODS and SERVICES

But RESOURCES are limited and HUMAN WANTS are unlimited which results in

But RESOURCES are limited and HUMAN WANTS are unlimited which results in SCARCITY

forces societies to make

SCARCITY forces societies to make CHOICES in order to answer

SCARCITY forces societies to make CHOICES in order to answer the questions: WHAT goods and services will be produced? WHO will consume the goods and services? HOW will the goods and services be produced?

SCARCITY forces societies to make CHOICES in order to answer the questions: WHAT goods and services will be produced? WHO will consume the goods and services? HOW will the goods and services be produced? How a society answers these questions will result in a particular type of ECONOMIC SYSTEM

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Economists study ? … how people produce, distribute, and consume goods and services This includes: Scarcity, choice, and decision making Different kinds of economic systems Productive resources (natural, human, capital) Specialization, trade, and interdependence 12

Effects of Natural Disasters 13

Economic Effects of Natural Disasters??? 14

Economic Effects of Natural Disasters Disruption of the economy Loss of jobs due to damage of buildings, etc. Physical damage to businesses and industry Loss of businesses Disruptions in trade 15

Migration 16

Push/Pull Factors 17

Push/Pull Factors What is an example of an economic push factor? 18

Push/Pull Factors What is an example of an economic push factor? What is an example of an economic pull factor? 19

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From 1955 until 1973, over one million guest workers arrived in the Federal Republic of Germany, mostly from Italy, Spain, and Turkey. Many people from Mexico and other Latin American countries migrate to the United States looking for jobs and a better life. The State of Qatar has one of the fastest growing economies in the world and a relatively small native population. This situation has led to an influx of foreign nationals and a population boom. 21

Migration Causes Effects Urbanization 22

What are some economic reasons that people move to cities? 23

24 What are some economic reasons that people move to cities? Jobs More opportunities A chance for a better life A greater variety of goods

CULTURE Cultural Components Relating to Economics 25

CULTURE Cultural Components Relating to Economics  The ways people make a living  They types of currency people use  The ways in which goods are made  People’s beliefs about wealth and material goods 26

27 Cultural Landscapes

How do Cultural Landscapes Reflect Economics? 28

Human/ Environment Interaction Using the Environment Adapting to the Environment Modifying the Environment 29

Photographs of the Aral Sea

Photographs of the Aral Sea Source: Photographs of the Aral Sea. How did economics relate to the shrinking of the Aral Sea? 31

What were some economic effects of the shrinking of the Aral Sea? 32

NATURAL RESOURCES How do people use them? What are they? Where are they? 33

ACTIVITY 34

LetterNatural Resources Rich, Poor or In the Middle? A cobalt, copper, niobium, tantalum, petroleum, industrial and gem diamonds, gold, silver, zinc, manganese, tin, uranium, coal, hydropower, timber B deepwater harbor, feldspar C nickel, uranium, rare earth oxides, peat, cobalt, copper, platinum, vanadium, arable land, hydropower, niobium, tantalum, gold, tin, tungsten, kaolin, limestone Dpetroleum, natural gas, fish E coal, copper, lead, molybdenum, phosphates, rare earth elements, uranium, bauxite, gold, iron, mercury, nickel, potash, silver, tungsten, zinc, petroleum, natural gas, timber Fnone G hydropower, fertile agricultural land, gold, diamonds, petroleum, hardwoods, limestone, iron ore, copper, chromium ore, zinc, tungsten, mica, silver H limestone, arable land, hydropower, unexploited deposits of uranium, coal, and bauxite Dem. Rep of the Congo Hong Kong Burundi Quatar United States Macao South Sudan Malawi RICHPOOR What did you learn about economics in this activity? 35

Human Modification Of the Environment 36

Human Modification Of the Environment What are some economic reasons humans modify the environment? 37

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Economic Globalization is about connections and interdependence 43

Criteria/ Definition of Economic Globalization The development of increased interconnections and interdependence of many different economic systems marked by free trade and the free flow of capital, labor, and resources 44

45 Property of Oakland Schools Author: Carol Egbo Editor: Amy Bloom Copyright © Oakland Schools