Section+1+-+Scarcity+and+the+Factors+of+Production

The Big Idea  - Economics isthe study of how people choose from limited resources to meet their needs and wants.

CLASS SCRIBE - Tricia G In todays class (1/23/09)first we went over our 6 word Inagural addresses that we had written the day before.

After that went over our homework questions on the section 1 worksheet.

Then at each table, everyone made a list of scarce resources. Then we put them up on the board and talked about them.

After that we read section one, chapt 1 and talked about the major key points.

Finally we did a human demonstration on Physical Capital. We showed the steps in how to make popcorn. Starting with the seed and sun then eventually working our way up to the actual product. Then we sampled our product but just for the benifit of the demonstration not to eat =)  Posted Yesterday 7:38 pm - [|[delete] ] 
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WORD WIZARD - Rachel G Need: something like air, food, or shelter that is necessary for survival.

Want: an item that we desire but that is not necessary for survival.

Economics: the study of how people seek to satify their needs and wants by making choices.

Goods: physical objects such as clothes or shoes.

Services: actions or activities that one person performs for another.

Scarcity: limited quantities of resources to meet unlimited wants.

Shortage: a situation in which a good or service is unavailable.

Factors of production: land, labor, and capital; the three groups of resources that are used to make goods and services.

Land: natural resources that are used to make goods and services.

Labor: the effort that people devote to a task for which they are paid.

Capital: any human made resource that is used to create other goods and services.

Physical Capital: all human-made goods that are used to produce other goods and services; tools and buildings.

Human Capital: the skills and knowledge gained by a worker through education and experience.

Entrepreneur: ambitious leader who combines land, labor, and capital to create and market new goods and services.  