The toy, produced by Mattel, had sat on the shelves with very little sales until it appeared on the show. • They divide these factors into 4 main categories: 1. Economics is divided into 2 branches: Microeconomics- deals w/ human behavior and choices as they relate to small units- an individual, a business firm, a single market scarcity, economists say the factors of production, or the economic resources needed to produce goods and services. EPP Chapter 1: Section 1 - Scarcity and the Science of Economics questionscarcity answerfundamental economic problem of meeting people's virtually unlimited wants with limited resources questioneconomics answersocial Chapter 1: What is Economics? Chapter 1 Section 1. • Economics is the science of scarcity. 2. What is Economics? Labor 3. • Scarcity is the condition in which our wants are greater than our limited resources. Lesson 1: Scarcity and the Science of Economics. During the holiday season of 1996, a children's toy appeared on Good Morning America. • Economics • Study of how people try to satisfy their needs and wants through the careful use of ... Scarcity—The Basic Economic Problem Economics- the science that studies how people seek to satisfy their needs + wants by making choices. Scarcity and the Science of Economics Key Terms scarcity, economics, need, want, factors of production, land, capital, financial capital, labor, entrepreneur, production, Gross Domestic Product (GDP) Objectives After studying this section, you will be able to: 1. Chapter 1-What is Economics? Resources are needed to produce the goods and services that satisfy our wants. Economics - the branch of knowledge concerned with the production, consumption, and transfer of wealth. Use the Graphic Organizer at Interactive Review @ ClassZone.com In Section 1, you will • explain how the economic definition of scarcity differs from the common definition Now you must decide on location, music, and refreshments. Scarcity and the Science of Economics Chapter 1 Lesson 1 • Scarcity • Society not having enough resources to produce all the things people need and want. 1 Splash Screen Chapter Menu Chapter Introduction Section 1: Scarcity and the Science of Economics Section 2: Basic Economic Concepts Section 3: Economic Choices and Decision Making Visual Summary Chapter Intro 1 Congratulations on being selected to head up the prom committee! Land 2. The Stores – Babies R Us. ... $7.25 an hour $65,000 a year $21.1 Million a year. Start studying Chapter 1, Section 1: Scarcity and the Science of Economics. ... economic problem facing all societies resulting from a combination of scarce ... after the first 2 questions are answered, they must decide who will receive the ... Chapter 1 Section 1. However, resources are limited. Fundamental Economic ConceptsScarcity and the Factors of Production. Objectives: 1. SECTION1 4 Chapter 1 Scarcity: The Basic Economic Problem As you read Section 1, complete a cluster diagram showing how scarcity is the central concept of economics. • Since we are unable to have everything we desire, we must make choices on how we will use our resources. Entrepreneurship The Factors of Production • Students will know: Societies do not have enough productive resources to satisfy everyone’s wants and needs, so they must make choices about what, how, and for whom to produce. 2. List the problem that each of the following faced: The Consumers – You and I. Explain the fundamental economic problem. Capital 4. Scarcity and the Science of Economics. Name Date Block Unit 1: Thinking Like an Economist Chapter 1: What is Economics Section 1: Scarcity and the Science of Economics A. Scarcity and the Science of Economics Why We Have Scarcity 1. 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