Reading Quiz 1.1

1. Describe the Economic Problem

1. Name one human resource

2. Name one capital resource

3. 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.

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

1. Human Resources

1. Natural Resources

1. 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:1. What good/service will you provide?2. How does this good/service satisfy a need or

want?3. Which productive resources will you use?4. How can you tell that these resources are

scarce?

• Share with a partner