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Satisfying Needs and Wants

Satisfying Needs and Wants. Section 1-1. Always Unlimited. Needs and Wants. Needs. Wants. Are essential Required to live Food Water Clean Air Clothing Shelter. Add to quality of life Add comfort and pleasure CD Movie iPod. Needs and Wants Activity. Goods and Services. Goods.

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Satisfying Needs and Wants

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  1. Satisfying Needs and Wants Section 1-1

  2. Always Unlimited Needs and Wants Needs Wants • Are essential • Required to live • Food • Water • Clean Air • Clothing • Shelter • Add to quality of life • Add comfort and pleasure • CD • Movie • iPod

  3. Needs and Wants Activity

  4. Goods and Services Goods Services • See and touch • Activities that are consumed at the same time they are produced.

  5. Goods and Services Activity

  6. U.S. Economy • Largest producer of goods and services • Americans consume more than any other country • 2x more shopping malls than schools! • Debt through loans and credit cards • Make sure important needs and wants are satisfied

  7. Limited Economic Resources Natural Resources Human Resources Capital Resources • Raw materials supplied by nature • Oil • Minerals • Nutrients • Bodies of water • Food • People producing goods and services • Anyone involved in producing the product or making it available • Products and money used in production of goods and services • Money • Buildings • Supplies • Equipment

  8. Economic Resources • Give 5 examples of type of resource • Natural Resources • Human Resources • Capital Resources

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