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Reading Quiz 1.1

Reading Quiz 1.1. Describe the Economic Problem Name one human resource Name one capital resource What is the main difference between a good and a service?. What is Economics?. Chapter 1.1. Warm-Up.

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Reading Quiz 1.1

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  1. Reading Quiz 1.1 • Describe the Economic Problem • Name one human resource • Name one capital resource • What is the main difference between a good and a service?

  2. What is Economics? Chapter 1.1

  3. 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?

  4. The Economic Problem Although our wants/desires are unlimited, the productive resources available to satisfy these wants are scarce.

  5. Scarcity Not enough productive resources to satisfy people’s unlimited wants.

  6. Economics: What is it?? The study of how people use these scarce resources to satisfy their unlimited wants. *choices*

  7. Productive Resources • Human Resources • Natural Resources • Capital Resources

  8. Goods & Services Productive resources combined  goods and services • Goods: tangible • Services: intangible

  9. Your Turn…

  10. What is Economics: Activity • Choose a profession that you would like to enter. • Identify the following: • What good/service will you provide? • How does this good/service satisfy a need or want? • Which productive resources will you use? • How can you tell that these resources are scarce? • Share with a partner

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