Room 12B are learning about economics this term. Today we listened and watched a video about economics, we then did a brief summary on video notes about the video. Here is what economics is...
What is economics? Well first of all there are two facts about everyone that are true doesn't matter who you are. One of them is that humans have unlimited wants. For example Sally wants to have nice clothes, have heaps of money, get a really cool cellphone or even get the . Everyone wants something but the problem is that there isn't enough resources to give to everyone and that's where money comes in. The people who are willing to pay for the goods get them, the more scarce the goods are the higher the price.
In a nutshell..... and some wants are needs and some are desires.....
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