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    Economics Presentation 1.1

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    businesst1
    eco

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    Economics Presentation 1.1

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    businesst1
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    eco

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    eco

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    4 views17 pages

    Economics Presentation 1.1

    Uploaded by

    businesst1
    eco

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 17

    Lesson 1 .

    1
    Learning Objectives:

    • To describe economics and scarcity.

    • To analyse the economic problems .


    Lesson 1 Review (Pg. 12)
    1. What is a difference between a good that is a need and a good that is a want?
    Provide one example of each.
    2. Which categories of goods used by ordinary people are most affected by
    scarcity ? Use examples from two of these categories and explain how the
    scarcity of these goods might arise and how this scarcity would affect most
    people?
    3. Evaluate . Why do all societies face the problem of scarcity?
    4. What basic choices are faced by all societies?
    5. Evaluate. Why we study economics?
    6. Argument. Do you think there are any policies or steps that a society can take to
    avoid scarcity, at least in terms of supplying all the needs of its population?
    Write an argument for or against the concept that scarcity can be prevented by a
    society.
    Answers
    • Reviewing Vocabulary:
    1. Describing: The difference between a good that is a need and a good that is a want is that a need is essential for
    survival (like food or water), while a want is something we desire but can live without (like a smartphone).
    Answering the Guiding Questions:
    2. Understanding: The categories of goods used by ordinary people that's affected the most by scarcity is nondurable
    goods and consumer goods. Scarcity could arise if certain capital goods stopped being produced or they were broken
    which would prevent the manufacturer from developing products with that item.
    Exploring: Basic choices faced by all societies include deciding what to produce, how to produce it, and for whom to
    produce. These choices arise due to limited resources and unlimited wants.
    3. Analysis/Synthesis/Evaluation: Scarcity exists because resources (like time, money, and materials) are limited
    while human wants are unlimited. No society has unlimited resources to satisfy everyone's wants.
    4. What to produce? , How to produce ? For whom to produce?
    What Writing About Economics:
    5. Argument: It is very challenging for any society to completely avoid scarcity. Even with the best policies, some
    form of scarcity will likely always exist due to the limitations of resources. Efforts can be made to reduce scarcity by
    increasing efficiency, but completely eliminating it is not realistic.

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