Ch 1, sec 1 scarcity
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Transcript of Ch 1, sec 1 scarcity
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Scarcity and Scarcity and the Factors of Productionthe Factors of Production
Chapter 1, Section 1
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Needs vs. WantsNeeds vs. Wants
Need – Something that is necessary for survival.
Want – An item that we desire but that is not essential to survival.
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NeedsNeedsFood
Shelter
Clothing
Education
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ScarcityScarcity
Scarcity – Always exists. There’s never enough time, money, resources, etc.
Shortage – Temporary. Natural disasters, long term drop in resources, etc.
Economics – study of how people seek to satisfy their needs and wants by making choices.
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Factors of ProductionFactors of Production
Factors of Production – resources used to make goods and services
1.Land - Natural Resources2.Labor - Effort devoted to a task3.Capital - Physical (buildings & tools) Human (knowledge)
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LandLand
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LaborLabor
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CapitalCapital
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CapitalCapital
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LandLand