Reading Quiz 1.1
description
Transcript of Reading Quiz 1.1
![Page 1: Reading Quiz 1.1](https://reader033.fdocuments.net/reader033/viewer/2022042616/568154e4550346895dc2de6b/html5/thumbnails/1.jpg)
Reading Quiz 1.1
1. Describe the Economic Problem
1. Name one human resource
2. Name one capital resource
3. What is the main difference between a good and a service?
![Page 2: Reading Quiz 1.1](https://reader033.fdocuments.net/reader033/viewer/2022042616/568154e4550346895dc2de6b/html5/thumbnails/2.jpg)
What is Economics?
Chapter 1.1
![Page 3: Reading Quiz 1.1](https://reader033.fdocuments.net/reader033/viewer/2022042616/568154e4550346895dc2de6b/html5/thumbnails/3.jpg)
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?
![Page 4: Reading Quiz 1.1](https://reader033.fdocuments.net/reader033/viewer/2022042616/568154e4550346895dc2de6b/html5/thumbnails/4.jpg)
The Economic Problem
Although our wants/desires are unlimited, the productive resources available to satisfy these wants are scarce.
![Page 5: Reading Quiz 1.1](https://reader033.fdocuments.net/reader033/viewer/2022042616/568154e4550346895dc2de6b/html5/thumbnails/5.jpg)
Scarcity
Not enough productive
resources to satisfy people’s
unlimited wants.
![Page 6: Reading Quiz 1.1](https://reader033.fdocuments.net/reader033/viewer/2022042616/568154e4550346895dc2de6b/html5/thumbnails/6.jpg)
Economics: What is it??
The study of how people use these scarce resources to satisfy their unlimited wants.
*choices*
![Page 7: Reading Quiz 1.1](https://reader033.fdocuments.net/reader033/viewer/2022042616/568154e4550346895dc2de6b/html5/thumbnails/7.jpg)
Productive Resources
1. Human Resources
1. Natural Resources
1. Capital Resources
![Page 8: Reading Quiz 1.1](https://reader033.fdocuments.net/reader033/viewer/2022042616/568154e4550346895dc2de6b/html5/thumbnails/8.jpg)
Goods & Services
Productive resources combined goods and services
•Goods: tangible
•Services: intangible
![Page 9: Reading Quiz 1.1](https://reader033.fdocuments.net/reader033/viewer/2022042616/568154e4550346895dc2de6b/html5/thumbnails/9.jpg)
Your Turn…
![Page 10: Reading Quiz 1.1](https://reader033.fdocuments.net/reader033/viewer/2022042616/568154e4550346895dc2de6b/html5/thumbnails/10.jpg)
What is Economics: Activity
• Choose a profession that you would like to enter.
• Identify the following:1. What good/service will you provide?2. How does this good/service satisfy a need or
want?3. Which productive resources will you use?4. How can you tell that these resources are
scarce?
• Share with a partner