Economics Introduction

What is a resource?

• What we need to do and create things

• A way for everyone in the world to meet their wants and needs

• Something that people sell

• Something that people provide

What is the economy?

• A way of growing your own food

• A resource that you must have to live

• A system that allows everyone to get the resources they need

• A resource that you would be nice to have

What is a "want"?

• An item that you want or need

• A resource that would be nice to have

• A resource that you must have to live

• A system that allows you to meet your wants and needs

What is a "need"?

• An good or service that you want or need

• A system that allows you to get the resources you need

• A resource that would be nice to have

• A resource that you need to survive

Is fresh air an example of a want or a need?

• Want

• Need

Is a cell phone an example of a want or a need?

• Want

• Need

What is a "good"?

• A material resource (something you can touch)

• Something that you do for others

• A way to get your wants and needs met

• A system that allows people to get the resources they need

What is a service?

• A material resource that you pay for (something you can touch)

• A way to get the resources you need

• A nonmaterial resource that can be a want or a need

• A person who provides goods or services

Is an orange an example of a good or a service?

• Good

• Service

Is the education provided by your teachers an example of a good or a service?

• Good

• Service