Reading Quiz 1.1 Describe the Economic Problem Name one human resource Name one capital resource What is the main difference between a good and a service?

What is Economics? Chapter 1.1

Warm-Up List the top five things you want in your life right now. (College, job, clothes, car, gf/bf etc.) Can you purchase/afford all of those things? Why or why not?

The Economic Problem Although our wants/desires are unlimited, the productive resources available to satisfy these wants are scarce.

Not enough productive resources to satisfy people’s unlimited wants. Scarcity Not enough productive resources to satisfy people’s unlimited wants.

Economics: What is it?? The study of how people use these scarce resources to satisfy their unlimited wants. *choices*

Productive Resources Human Resources 2.Natural Resources 3.Capital Resources

Goods & Services Productive resources combined  goods and services Goods: tangible Services: intangible

Your Turn…

What is Economics: Activity Choose a profession that you would like to enter. Identify the following: What good/service will you provide? How does this good/service satisfy a need or want? Which productive resources will you use? How can you tell that these resources are scarce? Share with a partner