The document discusses key economic concepts across four lessons: 1) It defines needs and wants, and distinguishes between goods and services. Resources are needed to satisfy wants and needs but are limited. 2) Choices must be made due to economic scarcity. Opportunity cost is what is given up when making a decision. A six step process is used to make decisions. 3) There are three main economic systems - command, market, and traditional. The US has a mixed economy based on private property, freedom of choice, profit, and competition. 4) Supply and demand determine market prices for products. Higher prices cause less demand and more supply, while lower prices have the opposite effects.

1. Economic Decisions and Systems 1-1 Satisfying Needs and Wants 1-2 Economic Choices 1-3 Economic Systems 1-4 Supply and Demand 1

27. DEMAND AND SUPPLY Chapter 1 Slide

30. MARKET PRICE Chapter 1 Slide