Scarcity occurs when our wants are greater than the resources available to meet them. 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. However, resources are limited. Economics is the study of _____. 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. SECTION1 4 Chapter 1 Scarcity: The Basic Economic Problem As you read Section 1, complete a cluster diagram showing how scarcity is the central concept of economics. 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. Capital 4. Entrepreneurship The Factors of Production • Scarcity and the Science of Economics. scarcity, economists say the factors of production, or the economic resources needed to produce goods and services. Fundamental Economic ConceptsScarcity and the Factors of Production. Scarcity - the state of being scarce or in short supply; shortage. List the problem that each of the following faced: The Consumers – You and I. CHAPTER 1: SECTION 1 The Foundation of Economics Scarcity Exists A want is something that we desire to have. Lesson 1: Scarcity and the Science of Economics. 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! • They divide these factors into 4 main categories: 1. 2. Economics- the science that studies how people seek to satisfy their needs + wants by making choices. 2. • Economics • Study of how people try to satisfy their needs and wants through the careful use of ... Scarcity—The Basic Economic Problem Section 1—Scarcity and Factors of Production. The Stores – Babies R Us. Objectives: 1. Chapter 1: What is Economics? Chapter 1-What is Economics? The toy, produced by Mattel, had sat on the shelves with very little sales until it appeared on the show. • Economics is the science of scarcity. Economics - the branch of knowledge concerned with the production, consumption, and transfer of wealth. 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. Explain the fundamental economic problem. Land 2. ... 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. Start studying Chapter 1, Section 1: Scarcity and the Science of Economics. The value of a good or service depends on its scarcity and utility. Labor 3. What is Economics? • Since we are unable to have everything we desire, we must make choices on how we will use our resources. Chapter 1 Section 1. 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 Now you must decide on location, music, and refreshments. ... $7.25 an hour $65,000 a year $21.1 Million a year. Resources are needed to produce the goods and services that satisfy our wants. 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