Economics Unit 1 Intro to Economics.

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Presentation transcript:

Economics Unit 1 Intro to Economics

I can identify: The factors of production The importance of economics

What is economics? Study of efforts to satisfy unlimited wants with scarce resources. Studying economics makes us better decision makers.

Basic questions of economics? What to produce? How to produce? For whom to produce?

Vocabulary for this Section Scarcity Productivity Good Utility Economic Interdependence Opportunity Cost

Factors of Production Resources required to produce the things we would like to have, they are land, capitol, labor, and entrepreneurs.

Land Or “gifts of nature” this includes livestock, mineral deposits, climate, and Forests or fields.

Capital or Capital Goods Are tools, machinery, and factories used in production goods and services

Labor People with all their efforts, abilities and skills.

Entrepreneurs A risk taker in search of profits They are considered the driving force of economies because they start new businesses

Read Page 9 “Production” and write below your bell work how the factors of production work together

Identify: What are the factors of production? Why is the study of economics important?