Economics; Scarcity, Opportunity, Factors of Production, Needs and Wants

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Economic Lessons 1-4
Key Economic Concepts Made Easy

These worksheets and PowerPoints were designed to assist with the teaching of key economic concepts that many students struggle with. These concepts have been simplified and broken down into more easily digestible chucks.


1. Why Study Economics?
Needs and Wants

Objectives: Students will be able to:
• Define economics.
• Explain why it is important to study economics.
• Identify where economic decisions begin.
• Describe the differences between needs and wants.
• Describe goods and services, and how they apply to economics.

2. The Four Factors of Production
Goods and Services

Objectives: Students will be able to:
• Define and identify the four factors of production.
• Describe each factor of production.
• Explain why the four factors are important.
• Explain the role of the entrepreneur in productions of goods and service.

3. Scarcity and Opportunity Cost
The Economic Problem

Objectives: Students will be able to:
• Define scarcity and give examples.
• Explain how scarcity affects economic choices.
• Describe what the economic problem is and why it is important.
• Explain why and how each choice or purchase has a consequence and a value.
• Define opportunity cost and give an example.

4. Productivity and Specialization

Objectives: Students will be able to:
• Identify the main purpose of business.
• Define productivity, specialization, and division of labor
• Explain the importance and benefits of productivity and specialization for businesses.
• Describe how business can increase productivity.

Other learning materials you may find helpful:

GDP and The Business Cycle

Federal Reserve, Monetary Policy, Money Supply

UNEMPLOYMENT, LABOR MARKET, LABOR FORCE

Feedback is Greatly Appreciated.
Thank You
Michael Powell
Total Pages
56
Answer Key
Included
Teaching Duration
N/A

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Economics; Scarcity, Opportunity, Factors of Production, N
Economics; Scarcity, Opportunity, Factors of Production, N
Economics; Scarcity, Opportunity, Factors of Production, N
Economics; Scarcity, Opportunity, Factors of Production, N
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