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The Story of Economy. SOL CE. 9a. Economy. The way a society chooses to use its resources to produce and distribute goods and services for consumption. What is a society?. A society is the way people work together to meet their needs and wants. Human Needs & Wants. Resources. - PowerPoint PPT Presentation
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The Story of Economy
SOL CE. 9a
Economy
The way a society chooses to use its resources to produce and
distribute goods and services for consumption.
What is a society?
A society is the way people work together to meet their needs and
wants.
Human Needs & Wants
Resources
Resources are the money, people, and materials available to
accomplish a community’s goal.
Supply/DemandSupply – The amount of goods and services that producers are able and willing to sell at various
prices during a specified time period.
Demand – The desire, willingness, and ability to
buy a good or service
Scarcity
Scarcity – Not having enough resources to
produce all of the things we would
like to have.
Choice
Selecting an item or action from a
set of alternatives
Opportunity Cost
+ Looks
-dog breath
-No bling
-Allergic to work
-Will cheat on you in a heartbeat!
+ Ugly
-Drives nice car
-Lives in a beautiful mansion
-Enjoys life
-Will love you forever!
+ Looks
-Has false teeth
-Lives with parents
-Has contagious fungus on toenails
+ Ugly
-Owns a night club
-Lots of bling
-Has lots of friends
-Owns tropical island with a diamond mine!
Opportunity
Cost
What is given up when a choice is
made –the highest value forgone…what you give up to get the benefit YOU value most
Incentives
Incentives – Something that encourages or
motivates somebody to do
something.
Price
Price – The particular amount, usually of money, that is offered or asked for when
something is bought or sold
Has false teeth
-Lives with parents
-Has contagious fungus on toenails
dog breath
-No bling
-Allergic to work
-Will cheat on you in a heartbeat!
Owns a night club
-Lots of bling
-Has lots of friends
-Owns tropical island with a diamond mine!
Drives nice car
-Lives in a beautiful mansion
-Enjoys life
-Will love you forever!
What PRICE would you pay?
ECONOMYThe way a society uses its resources to produce and
distribute goods and services for consumption to meet the needs and wants
of its people!
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