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When you hear the Stones sing this… what goes through your mind????

When you hear the Stones sing this… what goes through your mind????. http:// www.youtube.com/watch?v=tKeSRsy2l9E. What is Economics????. Make a T-chart for LIFE!!. In life I WANT:. In life I NEED:. The New JC Heels …. Water …. At least 5 things. At least 5 things.

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When you hear the Stones sing this… what goes through your mind????

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  1. When you hear the Stones sing this… what goes through your mind???? http://www.youtube.com/watch?v=tKeSRsy2l9E

  2. What is Economics???? Make a T-chart for LIFE!! In life I WANT: In life I NEED: • The New JC Heels • … • Water • … At least 5 things At least 5 things

  3. How can we satisfy unlimitedwants with limitedresources? • The people who can figure that our are called economists. They are smart… • …& they are loaded We can make good CHOICES that negate the need to rely on economists

  4. Needs: food, clothing, shelter = tools for survivalWants: anything that’s not a “need”… cars, I-everything, jewelry, Uggs, ray-bans, etc…Organizing “wants” vs. “needs” in societies is the main focus of economics

  5. Economics: study of how individuals, families, businesses & societies use limited resources to fulfill their unlimited wants. It is divided into Microeconomics&Macroeconomics. you C.R. us Newtown Macroeconomics Microeconomics

  6. Microeconomics Deals with behavior & decision making by small units such as individuals & firms VS.

  7. Macroeconomics Deals with the economy as a whole & decision making by large units such as gov’ts =

  8. The Problem of Scarcity • At any time, a fixed (limited) amount of resources is available • People have competing uses for these resources • This situation results in scarcity

  9. Scarcity: people do not & cannot have enough income & time to satisfy their every want • What you buy as a student is limited by the amount of income you have (or don’t have!) • Even if 100% of the world was rich, scarcity exists –Even the richest person doesn’t have unlimited time

  10. Scarcityalways exists while things like shortages are temporary example: a fire burns down a McDonalds so locals can’t buy burgers (shortage) … In time, that McDonalds will be rebuilt & continue producing burgers.

  11. Want, Willingness, Ability Confused as to whether you should make a purchase? Not sure if you “need” or “want” something?... The Key Is All Three: Want, Willingness, Ability

  12. ?? Think About It ?? ??? • What is one thing you WANT to buy, but are not willing or able to buy? • What is one thing you are WILLING to buy but do not necessarily want, or are not able to buy? • What is one thing you are ABLE to buy, but do not necessarily want, or are not willing to buy? HOUSE LIFE INSURANCE FLU SHOT

  13. In life I WANT: In life I NEED: What is Economics? Needs: food, clothing, shelter = __________________________ Wants: ___________________________________________cars, I-everything, jewelry, Uggs, ray-bans, etc… _______________“wants” vs. “needs” in ___________________ is the main focus of ___________________________ 1 2 3 4 5 1 2 3 4 5 • ____________________ • Deals with behavior & decision making by small units such as individuals & firms • _________________________ • Deals with the economy as a whole & decision making by large units such as gov’ts __________________________: study of how individuals, families, businesses & societies use limited resources to fulfill their unlimited wants. - It is divided into __________________________ & ___________________________. The Problem of Scarcity • - At any time, a _____________ (limited) amount of resources is available • - People have competing uses for these resources • - This situation results in scarcity ______________: people do not & cannot have enough income & time to satisfy their every want • What you buy as a student is __________________by the amount of income you have • Even if 100% of the world was rich, scarcity exists • Even the richest person doesn’t have unlimited time Scarcityalways exists while things like ___________________________are temporary Example: __________________________________________________________________________________________________________________ Want, Willingness, Ability The Key Is All Three:

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