Now you must decide on location, music, and refreshments. • Scarcity is the condition in which our wants are greater than our limited resources. Labor 3. Chapter 1: What is Economics? Land 2. Chapter 1 Section 1. Economics- the science that studies how people seek to satisfy their needs + wants by making choices. • Economics is the science of scarcity. Start studying Chapter 1, Section 1: Scarcity and the Science of Economics. Economics - the branch of knowledge concerned with the production, consumption, and transfer of wealth. Resources are needed to produce the goods and services that satisfy our wants. • Since we are unable to have everything we desire, we must make choices on how we will use our resources. Students will know: Societies do not have enough productive resources to satisfy everyone’s wants and needs, so they must make choices about what, how, and for whom to produce. Economics is divided into 2 branches: Microeconomics- deals w/ human behavior and choices as they relate to small units- an individual, a business firm, a single market Scarcity and the Science of Economics Chapter 1 Lesson 1 • Scarcity • Society not having enough resources to produce all the things people need and want. Section 1—Scarcity and Factors of Production. scarcity, economists say the factors of production, or the economic resources needed to produce goods and services. The value of a good or service depends on its scarcity and utility. During the holiday season of 1996, a children's toy appeared on Good Morning America. Name Date Block Unit 1: Thinking Like an Economist Chapter 1: What is Economics Section 1: Scarcity and the Science of Economics A. Scarcity and the Science of Economics Why We Have Scarcity 1. What is Economics? The Stores – Babies R Us. Chapter 1-What is Economics? Objectives: 1. SECTION1 4 Chapter 1 Scarcity: The Basic Economic Problem As you read Section 1, complete a cluster diagram showing how scarcity is the central concept of economics. Lesson 1: Scarcity and the Science of Economics. 1 Splash Screen Chapter Menu Chapter Introduction Section 1: Scarcity and the Science of Economics Section 2: Basic Economic Concepts Section 3: Economic Choices and Decision Making Visual Summary Chapter Intro 1 Congratulations on being selected to head up the prom committee! Scarcity - the state of being scarce or in short supply; shortage. Fundamental Economic ConceptsScarcity and the Factors of Production. CHAPTER 1: SECTION 1 The Foundation of Economics Scarcity Exists A want is something that we desire to have. ... economic problem facing all societies resulting from a combination of scarce ... after the first 2 questions are answered, they must decide who will receive the ... Chapter 1 Section 1. ... $7.25 an hour $65,000 a year $21.1 Million a year. Scarcity and the Science of Economics. Scarcity occurs when our wants are greater than the resources available to meet them. Explain the fundamental economic problem. List the problem that each of the following faced: The Consumers – You and I. • They divide these factors into 4 main categories: 1. EPP Chapter 1: Section 1 - Scarcity and the Science of Economics questionscarcity answerfundamental economic problem of meeting people's virtually unlimited wants with limited resources questioneconomics answersocial Use the Graphic Organizer at Interactive Review @ ClassZone.com In Section 1, you will • explain how the economic definition of scarcity differs from the common definition • Economics • Study of how people try to satisfy their needs and wants through the careful use of ... Scarcity—The Basic Economic Problem 2. The toy, produced by Mattel, had sat on the shelves with very little sales until it appeared on the show. Capital 4. However, resources are limited. 2. 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