The Stores – Babies R Us. Chapter 1-What is Economics? Name Date Block Unit 1: Thinking Like an Economist Chapter 1: What is Economics Section 1: Scarcity and the Science of Economics A. Scarcity and the Science of Economics Why We Have Scarcity 1. However, resources are limited. 1 Splash Screen Chapter Menu Chapter Introduction Section 1: Scarcity and the Science of Economics Section 2: Basic Economic Concepts Section 3: Economic Choices and Decision Making Visual Summary Chapter Intro 1 Congratulations on being selected to head up the prom committee! Scarcity - the state of being scarce or in short supply; shortage. Resources are needed to produce the goods and services that satisfy our wants. • Economics • Study of how people try to satisfy their needs and wants through the careful use of ... Scarcity—The Basic Economic Problem Chapter 1 Section 1. Entrepreneurship The Factors of Production • The value of a good or service depends on its scarcity and utility. Scarcity occurs when our wants are greater than the resources available to meet them. Economics is divided into 2 branches: Microeconomics- deals w/ human behavior and choices as they relate to small units- an individual, a business firm, a single market Economics- the science that studies how people seek to satisfy their needs + wants by making choices. Land 2. ... $7.25 an hour $65,000 a year $21.1 Million a year. • Since we are unable to have everything we desire, we must make choices on how we will use our resources. The toy, produced by Mattel, had sat on the shelves with very little sales until it appeared on the show. 2. During the holiday season of 1996, a children's toy appeared on Good Morning America. • Economics is the science of scarcity. • Scarcity is the condition in which our wants are greater than our limited resources. EPP Chapter 1: Section 1 - Scarcity and the Science of Economics questionscarcity answerfundamental economic problem of meeting people's virtually unlimited wants with limited resources questioneconomics answersocial Scarcity and the Science of Economics Key Terms scarcity, economics, need, want, factors of production, land, capital, financial capital, labor, entrepreneur, production, Gross Domestic Product (GDP) Objectives After studying this section, you will be able to: 1. • They divide these factors into 4 main categories: 1. Now you must decide on location, music, and refreshments. Section 1—Scarcity and Factors of Production. Economics is the study of _____. Start studying Chapter 1, Section 1: Scarcity and the Science of Economics. Capital 4. CHAPTER 1: SECTION 1 The Foundation of Economics Scarcity Exists A want is something that we desire to have. Students will know: Societies do not have enough productive resources to satisfy everyone’s wants and needs, so they must make choices about what, how, and for whom to produce. Use the Graphic Organizer at Interactive Review @ ClassZone.com In Section 1, you will • explain how the economic definition of scarcity differs from the common definition The Producer – Mattel . ... economic problem facing all societies resulting from a combination of scarce ... after the first 2 questions are answered, they must decide who will receive the ... Chapter 1 Section 1. What is Economics? scarcity, economists say the factors of production, or the economic resources needed to produce goods and services. List the problem that each of the following faced: The Consumers – You and I. Fundamental Economic ConceptsScarcity and the Factors of Production. Scarcity and the Science of Economics Chapter 1 Lesson 1 • Scarcity • Society not having enough resources to produce all the things people need and want. 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