ECONOMICS TOPIC 1 LESSON 1

ECONOMICS TOPIC 1 LESSON 1

Scarcity

ESSENTIAL QUESTION

How does economics affect everyone?

Unlimited wants, Limited resources

A need is something essential for survival, a want is something that we desire but that is not necessary for survival.

People satisfy their needs and wants with goods and services. Goods are physical objects that someone produces. Services are actions or activities that one person performs for another. 

Fill in the Blanks

Multiple Choice

What is the term used to describe a temporary low supply of a good or service?

• need

• scarcity

• shortage

• want

Factors of Production

the resources used to make all goods and services.

Open Ended

This timeline shows entrepreneurs in media and technologyAnalyze Information Choose one of these entrepreneurs and name the factors of production you think he or she might have used

Multiple Choice

Someone taking a course in Web design is affecting what factor of production?

• entrepreneurship

• human capital

• land

• physical capital

Multiple Choice

Which of these would be an alternative use for farmland?

• an amusement park

• farm machinery

• skilled labor

• cash

Open Ended

How does economics affect everyone?