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Economics The scientific study of how individuals meet their unlimited wants with limited resources
Today, we will be talking about Economics and why we study it, children
First we will talk about Needs. You need a house, for shelter. You also need things like food, water and clothes.
Next, we will talk about Wants. You want to go to the fair. You might also want a dog, or nice clothes and makeup.
We will also talk about Entrepreneurs, who is a person that owns a business like Steve Jobs, the creator of Apple.
We will be talking about services such as a doctor, who provides care to sick patients
Finally we will be talking about Efficiency and inefficiency, which is like either doing your work or playing on your phone instead of doing so.
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