I want to talk to you about a four-letter word:

I want to talk to you about a four-letter word:

Need--

Need--Tell me what you

Need--Tell me what you

There are no other substitutes.

I want to talk about a four-letter word thatbegins with the letter

Welcome To

What's FREE On The Internet!

Tell me what isIt doesn’t cost anyone, anything!

Economics is the study of _____________?

Name Date

Economics is the study of how individualsand societies, experiencing virtually limitlesswants, choose to allocate their scarce resources to satisfy their wants.

Name Date

WantsUnlimited

>Availability

ofResources

Limited

Scarcity means:

Economics Scarcity=

Another name for resources is

Factors of Production

Resources = Factors of Production

1. Land-- Natural Resources not created by humans - Rent or Mortgage

2. Labor-- People with all their skills and abilities - Wages, Salary, Tips earned for your job

3. Capital-- Tools and equipment used in production of goods and services - Cash register

4. Entrepreneurship--

5. TIME!People that take risks to earn profits by starting a business using existing resources- Bill Gates

$143

Gratuitous

http://coat.ncf.ca/our_magazine/links/53/bush_sr_jr.JPG

http://www.brocktoon.net/img/ronald_reagan.jpg

http://img132.imageshack.us/img132/5518/fordsnapshot2sv.jpg

http://upload.wikimedia.org/wikipedia/en/thumb/5/5c/O'Connor,_Sandra.jpg/200px-O'Connor,_Sandra.jpg

http://www.dallasnews.com/sharedcontent/dws/img/v3/07-02-2005.N1A_02OCONNORlede.GDN1KNVL2.1.jpg

http://media.schwarzenegger.ca/arnold/Schwarzenegger.jpg

http://www.petrukhine.ru/gallery/albums/schwarzenegger_arnold/schwarzenegger_arnold_009.jpg

http://www.nndb.com/people/922/000024850/wendt2-sized.jpg

http://www.cate-blanchett.org/pictures/cate-blanchett-3.jpg

http://www.pubdef.net/uploaded_images/danny-glover-791316.jpg

http://www.my-wc.com/celebs/paul_newman/top.jpg

http://www.jeffpidgeon.com/uploaded_images/mick.jagger-759852.jpg

http://www.bobgruen.com/files/rollingstones/files/R.203%20ROLLING%20STONES%20PARTY.jpg

http://www.sportsevents.net/events/images/rolling_stones.jpg

http://www.frbsf.org/federalreserve/people/officers/yellen.jpg

http://www.reformation.org/wash-fed-reserve-bank.jpg

http://www.golftodaymagazine.com/0603/images/s2%20Tiger%20Woods,%20AP%20photo.jpg

http://pub.tv2.no/multimedia/na/archive/00206/james_blake__us_ope_206390c.jpg

http://imagecache2.allposters.com/images/pic/PHO/AAGW249_8x10-RollingAction~John-Elway-Posters.jpg

http://espn-att.starwave.com/media/nfl/2005/0919/photo/elway_john_275.jpg

http://cache.gawker.com/news/ted.turner.jpg

http://www.bloggingneworleans.com/media/2006/05/lionel-richie-coming-home.jpg

http://www.croatianworld.net/Letters/belichick8.jpg

Laura Dutta – Miss Universe and actress

http://www.hollandsentinel.com/images/100899/trump.jpg

http://www.theage.com.au/ffximage/2004/10/17/alan_greenspan_narrowweb__200x234.jpg

http://www.dybbuk.com/mgp/people/schwab.jpg

Karina Smirnoff – Dancing with the stars

Meg Whitman – CEO EBAY