Opening question
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Opening Question. What is the difference between WANT and NEED ?. What you desire. What you’d like to have. MORE!. What’s required for survival. In Economics, “Needs” are no different than “Wants”. How available something is. Most things are scarce to some degree.

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Opening Question

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Opening question

Opening Question

  • What is the difference between WANT and NEED?


Opening question

What you desire. What you’d like to have.

MORE!

What’s required for survival.

In Economics, “Needs” are no different than “Wants”


Opening question

How available something is. Most things are scarce to some degree

Things that are freely available everywhere. e.g., Air


Opening question

The study of the allocation of scarce resources in the presence of seemingly unlimited wants.


Opening question

Things only have value if they are wanted. Value increases with desire and scarcity.

How satisfied you are. People will try to maximize utility – not necessarily just wealth.


Opening question

There’s No Such Thing As A Free Lunch

Every decision has costs as well as benefits


Opening question

(RESOURCES)

Machinery or tools used in production

Workers in production

Property and inputs used in production

Coordinator of production


Opening question

Purchased by individuals for personal use

Purchased by business to produce more goods

Tools; Machines

Goods that last several years (cars; appliances)

Goods that are consumed quickly (food; clothes)


Economic systems

Economic Systems

Market

An arrangement where buyers and sellers exchange goods and services. Does not need to be a physical location.

Free Market

A market where exchange is voluntary. Buyers and sellers decide for themselves what and how much to buy or sell

Consumer Sovereignty

It is the demands of consumers that decide what and how much is produced


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