Lecture 5 Basic Economic Language l Fill out

Lecture #5: Basic Economic Language

l Fill out B 3 as we go through these notes

Goods & Services All Things • All things people want are either tangible or intangible Tangible Remember when taking Cornell Notes you need to come up with at least 3 questions per page! Something that can be felt by touch • • Example—book, car, etc.

Goods & Services cont. intangible Something that cannot be felt by touch • Example—friendship, knowledge, experience. •

Goods & Services cont. good • anything that satisfies a person’s wants or brings satisfaction Utility l Disutility l a good that brings a person satisfaction or happiness a good that brings a person dissatisfaction or unhappiness

Goods & Services cont. Services • another ex of a tangible good • tasks that you pay other people • Ex: doctors, hair-stylists, car mechanics, etc.

Resources • Types of resources a. k. a Factors of Production 1. Goods & Services cannot be produced w/out resources Land: Natural resources used to produce goods and services • Includes: water, minerals, animals, nature, forests • Draw an example in your notes!

Resources cont. Types of resources a. k. a Factors of Production 2. Labor: Any effort a person devotes to a task for which they are paid. • Weatherperson, economics teacher, construction worker • Draw an example in your notes!

Resources cont. Types of resources a. k. a Factors of Production 3. Capital: Any human-made resource used to create other goods and services. • Machines, tools, computers, trucks, buildings, factories, etc. • Draw an example in your notes!

Resources cont. Types of resources a. k. a Factors of Production Entrepreneurship: a person who develops new businesses, products, or new ways of doing things. 4. Steve Jobs—Apple & i. Pod Draw an example in your notes! • •

Copy this chart in your notes Land Labor Capital Popping Corn The human effort needed to pop the corn Corn-Popping Device Wheat

Summary l When completing your notes you need to write a 3 -5 sentence summary of the lecture. This is a part of your notes grade!