1. Week 1 Vocabulary
Copy and define the week 1 vocabulary terms on the side board using the text book.

2. Scarcity and the Science of Economics
Chapter 1 Section 1
Please have Books out and open to page #5

3. Read page 5, 2nd paragraph
Make a list of 5 things that you do not have but that you want

4. The Fundamental Economic Problem
Scarcity is the fundamental problem
The condition that results from not having enough resources to produce all of the goods that people want

5. Defining Economics
The study of how people try to satisfy their wants in spite of relatively few resources

6. Needs
Food
Clothing
Shelter
EVERYTHING ELSE IS A WANT!!!

7. TINSTAAFL There Is No Such Thing As A Free Lunch
Someone has to pay for everything

8. The Three Basic Questions of Economics
WHAT to Produce
HOW to Produce
For WHOM to Produce

9. Factors of Production Land Capital Financial Capital Labor
Entrepreneurs

10. The Study of Economics Description Analysis Explanation Prediction
Tells us what the world around us looks like
Gross Domestic Product
Analysis
Helps us figure out why things work and how things happen
Explanation
The communication of what is known
Makes fixing problems easier
Prediction
What will happen?

11. Allow me to introduce to you…
Lets Be Economists
Allow me to introduce to you…
AIR FRANK’S

12. Let’s Answer the Three Questions
What are we producing?
AIR FRANK’S!!!
How will we produce them?
Factory?
Sweatshop?
Who will we be making them for?
Basketball players
Women
Children
Who wouldn’t want them?

13. Air Frank’s Factors of Production
Land
Why would we need land?
Capital
What Capital would we need?
Financial Capital
Do we need money for this venture?
Labor
What types of laborers will we need?
Entrepreneur
Who is the entrepreneur?