Economic Systems

Economic Systems

Shane McNamaraBlock 2

Needs and Wants

• Needs• 1. Food• 2. House• 3. Clothes• Wants• 1. Playstation 3• 2. iPhone• 3. Laptop

http://images.google.com/imgres?imgurl=http://www.sizlopedia.com/wp-content/uploads/apple-iphone-here.gif&imgrefurl=http://www.sizlopedia.com/2007/07/01/apple-iphone-has-finally-made-it-to-the-stores/&usg=__0VgJW740H87GCNh8fqFJUtKsm7M=&h=495&w=300&sz=41&hl=en&start=1&tbnid=AaWJZbhjD6s-CM:&tbnh=130&tbnw=79&prev=/images?q=iphone&gbv=2&hl=en

http://images.google.com/imgres?imgurl=http://blog.loaz.com/media/blogs/timwang/mini-Laptop-Sony-Vaio-Vgn.jpg&imgrefurl=http://blog.loaz.com/timwang/index.php/2007/04/&usg=__VQnjQaxtMBj_awYRx5ZXnh3rN14=&h=447&w=551&sz=34&hl=en&start=1&tbnid=ZGw55_T9paEN1M:&tbnh=108&tbnw=133&prev=/images?q=laptop&gbv=2&hl=en

Goods and Services

• Goods- things that you can see and touch. The products you purchase. A Xbox 360 and a donut are examples of goods.

Services

• Services- activities that are consumed as they are produced. A haircut and a massage or examples of services.

http://images.google.com/imgres?imgurl=http://newdeal.feri.org/carbonhill/images/k95.jpg&imgrefurl=http://sfluxe.com/2007/03/19/barber-chic/&usg=__RvtptoYNUJztV0SIDgrho4ADED0=&h=367&w=500&sz=32&hl=en&start=8&um=1&tbnid=KWxZfBGngH3gyM:&tbnh=95&tbnw=130&prev=/images?q=barber&um=1&hl=en&sa=N

http://images.google.com/imgres?imgurl=http://www.communitymemorial.com/pics/services/massage.jpg&imgrefurl=http://www.communitymemorial.com/services/womens/massage.cfm&usg=__YYLLmXVjbKUc85d3CHNFiRylhug=&h=397&w=300&sz=18&hl=en&start=9&um=1&tbnid=9oyuxLQAbA6BRM:&tbnh=124&tbnw=94&prev=/images?q=massage&um=1&hl=en

Natural Resources

• Natural Resources are materials that are taken from nature. Examples include lumber, oil, and coal.

Human Resources

• Human resources are the people producing goods and services. Examples are farmers, factory workers, and truck drivers.

Capital Resources

• The products and money used in producing goods. Money, workers, and equipment are examples.

Technology

Economic Systems