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5.00 Understand Economics

NC CTE 5.01: Understand fundamental economic concepts to obtain a foundation for employment in

business.

Distinguish between economic goods and services

• ________Want__________ - A desire for something that may or may not be required

Describe two basic types of wants

• _________Economic_________ want - Desires for items that can only be obtained by spending

money

• _________Noneconomic_________ want - Desires for things that can be obtained without

spending money (e.g., fresh air and sunshine).

Discuss the characteristics of wants.

• _________Unlimited_________: Everyone always has them. That includes individuals, businesses, and

governments.

• _______Changeable___________: Wants change. Think of things that children want vs. what teens

wants vs. what adults want vs. what senior citizens want.

• _________Competing_________: Everyone must choose which wants to satisfy at any one time

because resources are limited. We don’t have enough resources to satisfy all needs at the same time.

Distinguish between economic goods and services

• _________Goods_________ - Tangible objects that can be manufactured or produced for resale

• _________Services_________ - A desire for something that may or may not be required

• ________Consumer__________ goods - Tangible items produced for personal use.

• ________Industrial__________ goods - Tangible items that will be consumed by industrial

users

Explain the concept of economic resources

• ________Economic__________ resources - The human and natural resources and capital goods used

to produce goods and services

Define and describe resources in economics.

Any items that can be used to produce goods and services. Categories:

• _________Natural_________ resources: Items that are found in nature that are used to produce goods and

services. Examples include trees, air, and land.

• _________Human_________ resources: People. In economics, they are valued for the physical and

mental work that they do to produce goods and services. They include anyone who works.

• __________Capital________ goods: All of the manufactured or constructed items that are used to produce

goods and services (e.g., buildings, equipment, transportation systems).

• _________Factors of_________ ______Production____________ - Productive resources; human and

natural resources and capital goods

Explain the concept of economic resources

Discuss reasons for limited resources.

• Natural resources: There simply are ________not__________ enough resources available to satisfy

everyone. We depend on the earth for practically all of our natural resources. As the world’s population

increases, there will be more and more people making use of those resources. As a result, there will be

__________fewer________ resources per person.

Some natural resources are difficult or costly to obtain. For example, wind power can be difficult to capture

when the wind isn’t blowing. Some developing countries lack the technology to tap their natural resources.

And finally, weather conditions and the environment affect the supply of some natural resources.

• Human resources: Only some of the world’s people are ___________willing_______

and____________able______ to work. Others, especially those who are young, disabled, or elderly, are not

part of the workforce.

Many parts of the world experience worker shortages in such professions as nursing and welding. This may

be due to a_________lack_________ of special training, or the people may not live in the geographic

region where the job opportunities exist.

• Capital resources: In some parts of the world, capital resources are limited due to a lack of

_________technology_________. In under-developed societies, people still use primitive hand tools rather

than mechanized machinery to produce goods and services. As a result, they produce fewer goods and

services than we do in our society and those that they produce are for personal use rather than for capital

goods.

Describe the concepts of economics and economic activities

• ________Economics__________ - The study of how to meet unlimited, competing wants with limited

resources

• __________Scarcity________ - A condition resulting from the gap between unlimited wants for goods and

services and limited resources

• _________Economizing_________ - The process of deciding which goods and services will be purchased

or provided so that the most satisfaction can be obtained; deciding how scarce resources will be used

• __________Opportunity Cost________ - The benefit that is lost when you decide to use scarce resources

for one purpose rather than for another

• _______Trade-offs___________ - Giving up all or a part of one thing in order to get something else

What is scarcity?

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5.00 Understand Economics NC CTE 5.01: Understand fundamental economic concepts to obtain a foundation for employment in business. Distinguish between economic goods and services • ________Want__________ - A desire for something that may or may not be required Describe two basic types of wants • _________Economic_________ want - Desires for items that can only be obtained by spending money • _________Noneconomic_________ want - Desires for things that can be obtained without spending money (e.g., fresh air and sunshine). Discuss the characteristics of wants. • _________Unlimited_________: Everyone always has them. That includes individuals, businesses, and governments. • _______Changeable___________: Wants change. Think of things that children want vs. what teens wants vs. what adults want vs. what senior citizens want. • _________Competing_________: Everyone must choose which wants to satisfy at any one time because resources are limited. We don’t have enough resources to satisfy all needs at the same time. Distinguish between economic goods and services • _________Goods_________ - Tangible objects that can be manufactured or produced for resale • _________Services_________ - A desire for something that may or may not be required • ________Consumer__________ goods - Tangible items produced for personal use. • ________Industrial__________ goods - Tangible items that will be consumed by industrial users Explain the concept of economic ...
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