Transcription of Chapter 1 Basic Economic Concepts
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Chapter 1 Basic Economic Concepts
Chapter 1. Basic Economic Concepts Section A Look at Wants and Needs Click here to advance to the next slide. Read to Learn The Main Idea State the differences between wants and needs. Businesses make money by offering goods and services to satisfy the wants and needs of Describe how resources limit the number of consumers and other businesses. In this way, wants people and businesses can satisfy. wants and needs drive the economy. Explain how to use the decision-making process to make the most of your resources. Key Concepts Key Terms Wants and Needs Drive the Economy things that you do not have, but wants would like to have How Resources Limit the Ability to Satisfy Wants and Needs things that you must have in order needs to survive Making the Most of Your Resources goods physical products 1. Graphic Organizer Key Terms Suppose you had $10. You could buy lunch tasks that business perform for or go to a movie.
Chapter 1 Basic Economic Concepts Section 1.1 A Look at Wants and Needs Read to Learn State the differences between wants and needs. Describe how resources limit the number of wants people and businesses can satisfy. Explain how to use the decision-making process
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