Aim: How do we deal with not having enough stuff? Do Now: a) Pretend you are going on a trip for two weeks, the weather is going to be both hot and cold. Create a list of your five most important items that you want to bring.
There is not enough room for you to bring all five items with you, there is only room for two, please cross off three items from your list now. NEEDS VS. WANTS Clothes
Music Computer Concert Tickets A Watch Pizza Cell Phone
Car Insurance Electricity Toothpaste HD TV Taco Bell Car
Designer Jeans Sneakers Warm Winter Coat Video Games Food Gasoline
Questions to consider: Are needs and wants situational? Questions to consider: What items do you need to get ready for school in the
morning? Questions to consider: How do you get to school? Questions to consider:
Are there things you need for school? Questions to consider: How about things to help you study? Questions to consider:
Do you have any sports or hobbies that need equipment? Economics: Economics is the study of the choices people make in an effort to satisfy their needs and wants. In other words, how do people use scarce resources to produce and consume goods and services.
Scarcity: Scarcity is a condition caused by unlimited wants in a world of limited resources. Scarcity is the fundamental economic problem Scarcity is NOT caused by a shortage of money
Some resources that are in scarce supply include: Needs vs. Wants: To decide how money gets allocated, we need to look at our own wants and needs.
Needs are our basic needs to survive. Example: food, clothing, and shelter. Needs vs. Wants: Wants are everything else and they are unlimited. Examples: I want a new car, new iPhone, or a new house. I
dont need them to survive. Closing Activity: Using the space below please summarize what the difference is between needs and wants:
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