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Itb Chap 01

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Itb Chap 01

  1. 1. Economic Decisions and Systems 1-1 Satisfying Needs and Wants 1-2 Economic Choices 1-3 Economic Systems 1-4 Supply and Demand 1
  2. 2. LESSON 1-1 Satisfying Needs and Wants <ul><li>Goals </li></ul><ul><li>Explain the difference between needs and wants. </li></ul><ul><li>Distinguish between goods and services. </li></ul><ul><li>Describe the types of economic resources. </li></ul>Chapter 1 Slide
  3. 3. Key Terms <ul><li>needs </li></ul><ul><li>wants </li></ul><ul><li>goods </li></ul><ul><li>services </li></ul><ul><li>economic resources </li></ul>Chapter 1 Slide
  4. 4. NEEDS AND WANTS <ul><li>Needs are essential </li></ul><ul><li>Wants add to the quality of life </li></ul><ul><li>Needs and wants are unlimited </li></ul>Chapter 1 Slide
  5. 5. >> C H E C K P O I N T <ul><li>What is the difference between a need and a want? </li></ul>Chapter 1 Slide
  6. 6. GOODS AND SERVICES <ul><li>Goods and services for businesses and consumers </li></ul><ul><li>The U.S. economy </li></ul>Chapter 1 Slide
  7. 7. >> C H E C K P O I N T <ul><li>How do people satisfy their wants and needs? </li></ul>Chapter 1 Slide
  8. 8. ECONOMIC RESOURCES <ul><li>Natural resources </li></ul><ul><li>Human resources </li></ul><ul><li>Capital resources </li></ul><ul><li>Resources are limited </li></ul>Chapter 1 Slide
  9. 9. >> C H E C K P O I N T <ul><li>What are the three types of economic resources? Give an example of each type of resource. </li></ul>Chapter 1 Slide
  10. 10. LESSON 1-2 Economic Choices <ul><li>Goals </li></ul><ul><li>Understand the basic economic problem. </li></ul><ul><li>Explain the steps in the decision-making process. </li></ul>Chapter 1 Slide
  11. 11. Key Terms <ul><li>scarcity </li></ul><ul><li>economic decision-making </li></ul><ul><li>tradeoff </li></ul><ul><li>opportunity cost </li></ul>Chapter 1 Slide
  12. 12. THE BASIC ECONOMIC PROBLEM <ul><li>Choices </li></ul><ul><li>Tradeoffs and opportunity costs </li></ul>Chapter 1 Slide
  13. 13. >> C H E C K P O I N T <ul><li>What is opportunity cost? </li></ul>Chapter 1 Slide
  14. 14. THE DECISION-MAKING PROCESS <ul><li>1. Define the problem. </li></ul><ul><li>2. Identify the choices. </li></ul><ul><li>3. Evaluate the advantages and disadvantages of each choice. </li></ul><ul><li>4. Choose one. </li></ul><ul><li>5. Act on your choice. </li></ul><ul><li>6. Review your decision. </li></ul>Chapter 1 Slide
  15. 15. >> C H E C K P O I N T <ul><li>What are the six steps in the decision-making process? </li></ul>Chapter 1 Slide
  16. 16. LESSON 1-3 Economic Systems <ul><li>Goals </li></ul><ul><li>Identify the three economic questions. </li></ul><ul><li>Differentiate among the main types of economic systems. </li></ul><ul><li>Describe the economic system of the United States. </li></ul>Chapter 1 Slide
  17. 17. Key Terms <ul><li>economic system </li></ul><ul><li>command economy </li></ul><ul><li>market economy </li></ul><ul><li>traditional economy </li></ul><ul><li>mixed economy </li></ul><ul><li>capitalism </li></ul>Chapter 1 Slide
  18. 18. THE THREE ECONOMIC QUESTIONS <ul><li>What to produce? </li></ul><ul><li>How to produce? </li></ul><ul><li>What needs and wants to satisfy? </li></ul>Chapter 1 Slide
  19. 19. >> C H E C K P O I N T <ul><li>What are the three economic questions? </li></ul>Chapter 1 Slide
  20. 20. TYPES OF ECONOMIC SYSTEMS <ul><li>Command economy </li></ul><ul><li>Market economy </li></ul><ul><li>Traditional economy </li></ul><ul><li>Mixed economies </li></ul>Chapter 1 Slide
  21. 21. >> C H E C K P O I N T <ul><li>What are the main differences among the three economic systems? </li></ul>Chapter 1 Slide
  22. 22. THE U.S. ECONOMIC SYSTEM <ul><li>Private property </li></ul><ul><li>Freedom of choice </li></ul><ul><li>Profit </li></ul><ul><li>Competition </li></ul>Chapter 1 Slide
  23. 23. >> C H E C K P O I N T <ul><li>Name the four principles of the U.S. economic system. </li></ul>Chapter 1 Slide
  24. 24. LESSON 1-4 Supply and Demand <ul><li>Goals </li></ul><ul><li>Describe supply and demand orally and with graphs. </li></ul><ul><li>Discuss how supply and demand affect prices of products and services. </li></ul>Chapter 1 Slide
  25. 25. Key Terms <ul><li>consumer </li></ul><ul><li>producers </li></ul><ul><li>demand </li></ul><ul><li>supply </li></ul><ul><li>market price </li></ul>Chapter 1 Slide
  26. 26. PARTICIPATING IN A MARKET ECONOMY <ul><li>Consumers set demand </li></ul><ul><li>Producers establish supply </li></ul><ul><li>A graphic view </li></ul>Chapter 1 Slide
  27. 27. DEMAND AND SUPPLY Chapter 1 Slide
  28. 28. >> C H E C K P O I N T <ul><li>How does the price of a product affect demand and supply? </li></ul>Chapter 1 Slide
  29. 29. DETERMINING PRICE <ul><li>Factors influencing demand </li></ul><ul><li>Factors influencing supply </li></ul><ul><li>Determining market price </li></ul>Chapter 1 Slide
  30. 30. MARKET PRICE Chapter 1 Slide
  31. 31. >> C H E C K P O I N T <ul><li>How is the market price for a product determined? </li></ul>Chapter 1 Slide

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