what is economics
WHAT IS ECONOMICS
LESSON OBJECTIVES 1. Understand the difference between goods and services 2. Understand sustainability and threats to sustainable development
WHAT IS ECONOMICS?
¡ S ocial science concerned with the way society chooses to employ its limited resources, which have alternative uses, to produce goods and services…
GOODS AND SERVICES
¡ C ountries try and meet the unlimited needs and wants of their people. ¡ T he needs and wants of people are satisfied by goods and services.
GOODS AND SERVICES ¡ G oods - All the physical objects people need and want are called goods (food, clothing, houses, books, computers, car, televisions, refrigerators, etc.)
GOODS AND SERVICES ¡ S ervices – The non-physical things that people need and want (education, health care, entertainment, travel, banking, insurance, etc.)
GOODS AND SERVICES
¡ I n the end, economists may choose to judge economies on how well they do in providing goods and services to their people
WHAT IS ECONOMICS?
¡ S ocial science concerned with the way society chooses to employ its limited resources, which have alternative uses, to produce goods and services, for present and future consumption.
SUSTAINABILIT Y ¡ E conomic growth often comes with the destruction of the natural environment and natural resources Present: Satisfy needs by using up resources
Less or lower quality resources
Future: People unable to satisfy needs and wants
SUSTAINABILIT Y ¡ D estruction of the natural environment usually come from the ways societies answer the first two economic questions: 1. What to produce? 2. How to produce it?
SUSTAINABILIT Y ¡ S ustainability – Using resources in a way that does not reduce their quantity or quality over time
LESSON OBJECTIVES 1. Understand the difference between goods and services 2. Understand sustainability and threats to sustainable development
LESSON OBJECTIVES 1. Understand the difference between goods and services 2. Understand sustainability and threats to sustainable development
WHAT IS ECONOMICS?
¡ S ocial science concerned with the way society chooses to employ its limited resources, which have alternative uses, to produce goods and services…
GOODS AND SERVICES
¡ C ountries try and meet the unlimited needs and wants of their people. ¡ T he needs and wants of people are satisfied by goods and services.
GOODS AND SERVICES ¡ G oods - All the physical objects people need and want are called goods (food, clothing, houses, books, computers, car, televisions, refrigerators, etc.)
GOODS AND SERVICES ¡ S ervices – The non-physical things that people need and want (education, health care, entertainment, travel, banking, insurance, etc.)
GOODS AND SERVICES
¡ I n the end, economists may choose to judge economies on how well they do in providing goods and services to their people
WHAT IS ECONOMICS?
¡ S ocial science concerned with the way society chooses to employ its limited resources, which have alternative uses, to produce goods and services, for present and future consumption.
SUSTAINABILIT Y ¡ E conomic growth often comes with the destruction of the natural environment and natural resources Present: Satisfy needs by using up resources
Less or lower quality resources
Future: People unable to satisfy needs and wants
SUSTAINABILIT Y ¡ D estruction of the natural environment usually come from the ways societies answer the first two economic questions: 1. What to produce? 2. How to produce it?
SUSTAINABILIT Y ¡ S ustainability – Using resources in a way that does not reduce their quantity or quality over time
LESSON OBJECTIVES 1. Understand the difference between goods and services 2. Understand sustainability and threats to sustainable development
