How Scarcity and Choice affect what you want and what you need.

UEQ and LEQUEQ: What is an economy? How does

scarcity and choice cause problems in an economy?

LEQ: How do wants and needs affect peoples’ decision making?

VocabularyCapitalConsumptionScarcityFactors of ProductionOpportunity CostWantNeed

Self Assessment QuizDoes what you want determine what you need

in life?Take the Self Assessment Quiz that I have

provided.Once finished, compare your answers with

someone sitting near you. How are you both similar/different?

Question To Answer (on lined sheet of paper)1.How can a self assessment quiz such as this help

you determine what you want and what you need in life?

2.Can a self assessment quiz be useful to help you later in life?

Can You Determine Who Wants and Who Needs?Use the packet, labeled “Figuring Out Wants

and Needs” to determine in your own opinion, what you think each picture’s wants and needs are.

Write your single answers into the graphic organizer chart provided.

Compare what you have with others sitting near you, see if your answers are correct, or if you are missing any important wants/needs.

Fill in answers on Smartboard.

Wants Needs

Wants Needs

Wants Needs

People Want EVERYTHINGEveryone wants something. However, you can’t get everything.Basic Wants

What you desire to get eventually.House, Car, Money, Cell Phone, Married, Vacation

How Wants Can Lead To ProblemsWhat You Cannot Have Without PaymentWants in Real LifeWants in Prison

I Need this…Everyone needs something.People will always have needs.Basic Needs:

What you need to live/survive.Food, Water, Shelter, Clothing, and Air

Differences: Wants vs. NeedsRead over the article “The Difference

Between Wants & Needs.”Items To Answer

Is Wealth a Want or Need?Find 3 suggestions the author gives you if you want to

become wealthy and underline them in the article.Prediction: How can living paycheck to paycheck be a

dangerous situation for anyone?Opinion: Why do you think it is critically important to

look at your true needs and wants?What is an affordable want? Is it a good idea to only get

these kinds of wants? Why/Why Not?

ResourcesEverything you want and need comes with a

price.Factors of Production: items people use to

make goods and services to satisfy their wants and needs.

Three ResourcesLabor (Workers and Jobs)LandCapital (Money)

Basic EquationLimited Resources Wants and

Needs

LaborTime and Energy of workers and business

spent on making products.

Labor StrikesWhen labor is mistreated, strikes can occur.

Labor Riots in France

How can strikes affect what you can get? How does this impact in turn affect what you want and need?

LandResources from the

Earth.Oil, Wood, Water,

etc.Parts used to make

items.

ShortagesUsing to much of

one item can lead to its scarcity.

Overusage can lead to pollution.

Pollution in ChinaNuclear Accident

CapitalCapital is anything made that is used again to

make something else.ToolsMachinesBuildings

MegaStructures

Land, Labor, Capital TogetherProduction: taking land, labor, and capital and

throwing them together to make something.How Jelly Beans Are Made

Production to ConsumptionOnce something is produced it is distributed for

sale.Consumption: Purchasing a product and using it.

Exit TicketAnswer this: Can a Want become a Need?

Provide a specific example and explain.Answer this: Can people have everything

they want? Why/Why Not? How do limitations on resources stop you from getting everything you want?

Answer this: How can wanting something lead to problems? What kind of problems?

Making Choices, Big DecisionsHow do you make a choice? Do you just know

you want something, or is there something else you think about before you buy an item.

How do you decide to buy that one thing?Why do you buy it that very day?These are all questions that people usually

don’t think about they just go in and buy something without ever really considering what they are buying, is it good or bad, how much it costs.

http://www.teachertube.com/search_result.php?search_id=Economics

Scarcity (There is NEVER Enough)Every country in the world faces scarcity.Scarcity means that a countries resources can not

satisfy everyone’s wants and changes in wants, this not only affects the poor but the rich too.Example: Chevy decides to produce a Corvet for

every single person in the U.S., but that means all other types of Chevrolet vehicles will be scarce.

Basically, everything and everyone makes a scarcity choice, from each of you, to the government, to every business, it is part of our economy.

http://www.teachertube.com/search_result.php?search_id=Economics