Introduction to Economics
Economics
• “Wealth is created through
productive labor, and that selfinterest motivates people to put
their resources to the best use.”
• Quoty by Adam Smith
• Adam Smith is considered the
“father of modern Economics”
• Due to his theories on captilism,
free markets and trade.
Economics - Curriculum
• 10 Units (Will be covered over 3 Trimesters)
What is Economics?
• Def. The study of how people satisfy their needs and wants by
making choices.
• We tend to use money to purchase our needs and wants. Bartering
(trading one thing for another) and making yourself are other
methods.
Scarcity
• How do we deal with not having enough of stuff?
• We are always wanting to buy new things and upgrade what we
have:
• Gaming Computer
• Newest smartphone model.
• Motor bike
• Do we have enough funds to cover all of this.
Warm up
• let’s work on pairs and state all the things we want to buy.
• Then estimate a value for each item you want to buy.
• Check back your funding resources (money, budget) and see if you
can buy all the items on your list.
Scarcity