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CTE Introduction Standards

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BASIC ELEMENTS USED TO CREATE GOODS AND SERVICES. Natural ... Buildings, machines, technology and tools used to produce goods and services ... – PowerPoint PPT presentation

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Title: CTE Introduction Standards


1
CTE IntroductionStandards
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What is ECONOMICS?????
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ECONOMICS
  • The study of how to meet
  • unlimited wants and needs
  • with limited resources.

4
Hmmm . . .
  • All I want
  • to know
  • is

5
What do I do if . . .
  • I want a lot of stuff
  • but
  • I cant afford it all?

6
Well, then
  • You have to deal with scarcity!

7
SCARCITY
  • NOT ENOUGH
  • RESOURCES
  • TO COVER ALL YOUR
  • WANTS AND NEEDS

8
By the way . . .
  • Everyone has to deal with scarcity, including
  • Individuals
  • Families
  • Schools
  • Communities
  • Businesses
  • Nations

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And RESOURCES are
  • BASIC ELEMENTS USED TO CREATE GOODS AND SERVICES

10
There are different types of ECONOMIC RESOURCES
  • Natural
  • Gifts of nature sunlight, water, land, trees,
    etc. used to produce goods and services
  • Human
  • Physical and mental labor people use to produce
    goods and services
  • Capital
  • Buildings, machines, technology and tools used to
    produce goods and services

11
Is money a resource?
  • Money is a resource called
  • financial capital
  • which allows you to purchase other resources

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Ok, now back to scarcity . . .
  • Because you have to deal with scarcity, you have
    to make
  • CHOICES!

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And remember . . .
  • Every choice you make has a
  • consequence!

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And . . .
  • Each consequence is either a
  • cost or a benefit!

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  • COSTS
  • What you must give up
  • BENEFITS
  • What you will receive

16
So now you have to decide . . .
  • How to best use your
  • resources
  • to meet your
  • wants and needs!

17
CONGRATULATIONS!
  • You are starting to understand
  • BASIC
  • ECONOMICS

18
Unlimited wants and needs
Limited resources Natural, Human, Capital,
Financial


Scarcity

Choices

Consequences

Costs and Benefits
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Extra visuals
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