Chapter 1 Section 1:Economics and Scarcity
Presentation
•
Social Studies
•
9th - 12th Grade
•
Hard
DEWITT JOHNSON
Used 2+ times
FREE Resource
9 Slides • 0 Questions
1
Chapter 1 Section 1:Economics, Scarcity and the Factors of Production
SS.912.E.1.1 Identify the factors of production and why they are necessary for the production of goods and services.
2
What is Economics?
The word Economics is a Greek compound word.
The two parts are "eco" and "nomic"
3
What is the meaning of "Eco"
Home (but more like home planet)
Has come to mean earth
4
What is the meaning of "Nomic"
Comes from Greek "nomos"
It means accounts.
Accounts are a way of organizing and categorizing resources.
5
Put them together, and you get economics or organizing the home.
6
Economics is caused by Scaricty.
Our lives are dictated by scarcity.
If there were unlimited resources, people wouldn't worry about food, clothes, homes or anything else needed to live.
We do not have enough resources to provide everyone on earth a luxurious life.
7
An example of Scarcity
The biggest blue dot is all water on earth.
The next blue dot is liquid fresh water.
The smallest blue dot shows all the fresh water in lakes and rivers.
This is all the water that is shared by the nearly 8 billion people on earth.
8
Scarcity forces consumers to make a choice:
What do I need to live?
What do I want that will make me happy?
9
It also causes producers to make choices. These are called the 3 basic questions.
What will I/we make?
How are I/we going to make it?
Who is this for?
Chapter 1 Section 1:Economics, Scarcity and the Factors of Production
SS.912.E.1.1 Identify the factors of production and why they are necessary for the production of goods and services.
Show answer
Auto Play
Slide 1 / 9
SLIDE
