Need vs Want Need food water shelter Wantall
- Slides: 18
Need vs. Want • Need- food, water, shelter • Want-all else that you desire
Goods and Services • Goods- physical objects • Services- activities done for another • What is the service in the picture? • Are there any goods?
Scarcity and the Factors of Production Scarcity-there are ALWAYS limited resources for unlimited wants
Shortage-producers can’t make enough of a good or service for consumers
Factors of Production-the stuff producers use to make goods/services Land Labor Capital Entrepreneurship
Land-(Natural Resources) ALL materials found in nature • Not just this… • But this stuff too.
Labor=Work
Capital- man made stuff USED FOR WORK! Physical Capital Human Capital
Financial Capital
Entrepreneurship • The key ingredient of production, CREATIVITY
Entrepreneurs • Start new businesses • Invent new ways of doing things • Make businesses grow • But most of all, TAKE RISKS!!!
Trade-Offs and Opportunity Cost • Trade-offs- ALL of the things we give up when we make a choice • Opportunity Cost- the NEXT BEST thing we give up when we make a choice
The Production Possibilities Frontier • http: //www. youtube. com/watch? v=83 m 0_p. C ky 50 • Looks like this…
Characteristics of the PPF
More stuff to understand…
The “Low Hanging Fruit” concept
Calculating Opportunity Cost
What has happened when the curve shifts inward?
Basics needs
Water and water and water water
What are our three basic needs
10 differences between needs and wants
Difference between need and want
Motivaton synonym
Unit 2 food food food
Grazing food chain diagram
Shelter academy
Keuring dock shelter
Gabrielino tribe shelter
Geo shelters
Kwakiutl culture
Shelter inuit
Henry moore tube shelter perspective
Eastern woodlands shelter
Cluster analysis cos'è
Camss shelters
Dv shelter
