Economic Decisions

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Economic Decisions

• Chapter 1

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What do you need to survive?
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Needs

• Anything that is essential to your existence.

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Basic Needs

• Food
• Clothing
• Housing

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What do you want?
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Wants

• Any nonessential thing that makes your life
  better.

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Basic Wants

• Fancy Clothing
• Computers and Technology
• Nice Cars

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Activity

• What did you purchase that you needed and wanted?
• What have you purchased that you didnt need but
  really wanted?
• What have you purchased that you didnt need and
  didnt want?
• What have you purchased that you needed but
  didnt want?

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Want or Need
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Wants
Needs
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How do we satisfy our wants?

• Goods
• things you see and touch
• Services
• efforts of others

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ACTIVITY

• Name the last good you purchased?
• Whats the last service you paid for?

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Where do goods and services come from?

• Natural Resources
• Human Resources
• Capital Resources

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Activity Pick the ResourceIdentify what
resources appear in the following five images.

• Natural Resources
• Human Resources
• Capital Resources

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The basic economic problem.

• Unlimited wants
• limited resources
• Scarcity

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Who is affected by the basic economic problem?

• Business
• Consumers
• Government

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Economic Choices

• Every dollar you spend is a vote.

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ACTIVITY

• Define a problem.

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ACTIVITY

• Identify 3 possible choices for solving the
  problem.

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ACTIVITY

• Decide on two advantages and disadvantages for
  each of the three options.

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ACTIVITY

• Make a decision. Explain why.

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ACTIVITY

• Act on your choice.
• When?
• Where?
• How?

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ACTIVITY

• Review your decision.
• How will you know you made the best decision?
• What would you change if faced with the problem
  again?

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Complete Homework

• Review Your Reading
• Page 12
• Communicate Business Concepts
• Page 12
• Start the Vocabulary Journal
• Page 13

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Final Activities

• Complete and Correct Homework
• Review for Test
• Complete Test