Chapter 1 Chapter 1 By: Kelsey Winchester By: Kelsey Winchester Economic System Economic System
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Chapter 1Chapter 1
By: Kelsey WinchesterBy: Kelsey Winchester
Economic SystemEconomic System
Needs and Wants
Needs:Needs:• FoodFood• ShelterShelter• WaterWater
Wants:Wants:• I phoneI phone• DogDog• PursePurse
Goods
• Goods are things that you can see Goods are things that you can see and touch. and touch.
Services
• Services are activities that are consumed Services are activities that are consumed at the same time they are producedat the same time they are produced. .
Natural Resources
• OceanOcean• OilOil
• MineralsMinerals
Human Resources
• Truck driversTruck drivers• FarmersFarmers
• Factory workersFactory workers
Capital Resources
• BuildingsBuildings• EquipmentEquipment• SuppliesSupplies
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