 An individual needs are limited while his

wants are unlimited. Needs are something that

you must have, in order to live. On the
contrary wants are something that you wish to
have, as to add comforts in your life.Needs
represents the necessities while wants indicate
desires
How do we satisfy our needs
and wants?
 Answer: By purchasing and consuming goods
and services.
 And one of the most basic concepts of economics
is want vs. need

 A need is something you have to have, something

that you cannot do without. A good example is
food. If you don’t eat ,you wont survive,, many
people have gone days without without eating
but they eventually ate a lot of food. You might
not need a whole lot of food but you need to eat.
ECONOMICS
is the social science that studies the production,
distribution, and consumption of goods and
services. Economics focuses on the behaviour
and interactions of economic agents and how
economies work.
Cite specific situation in your
life where you can apply the
principles of Macro and
Microeconomics..
 What is geography?
 Study on how to interpret
geography, identify the fields, areas
of inquiry and methods of
geography.
microeconmics
 Is a branch of economics that studies the
behavior of individuals and firms making
decisions regarding the allocation of
scarce resources and the interactions
among these individuals and firms.
Macroeconomics
 Analyzes aggregate measures such as
national income, national output,
unemployment and inflation rates and
business cycle fluctuations.