Economics: The Production, Distribution, and Consumption of Goods and Services Block Feed: Programs 101-105

1 hours, 30 minutes

101. Resources

Use of resources is fundamental in all economic activities. This program defines and illustrates the three basic kinds of resources: natural resources, labor, and capital. 16 minutes.

102. Producing

Producing is the process of turning resources into goods and services. In this program, students learn the differences between consumer and industrial goods and services. 19 minutes.

103. Needs and Wants

Economics is driven by satisfying people's needs and wants. This program defines the three basic needs—food and water, shelter, and clothing—and shows that satisfying those needs is a difficult problem and is not the same for all people at all times. 15 minutes.

104. Consuming

People consume when they satisfy their needs and wants by choosing goods and services. This program defines the three categories of consumption—durable goods, non-durable goods, and services—and explains the role of "opportunity cost" in the choices consumers make. It also traces the growth of consumerism throughout the U.S. in the last part of the 20th century. 15 minutes.

105. Money

Money is the cornerstone of modern economic activity. This program defines the five properties of money: a unit of exchange, a store of value, easily divisible, high value for weight, and hard to counterfeit. It also traces the evolution of money through history and presents the concepts of savings, checking accounts, and credit cards. 15 minutes.

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