Econ-1.1 Formative Assessment Opiton 1

Economics Studies HUMAN BEHAVIOR

 From an Economic Point of View, human behavior results from the choices

people make after considering expected costs and benefits of each
alternative.

 This is where Economics comes in

 Specifically, Economics is the logical way of studying human behavior as

they deal with the constant problem of scarcity.

Categorize

Options (7)

Food

Clothing

Shelter

Water

iPhone 15

Online Streaming Service

Designer Jeans

Categorized the following as either a want or a need.

Want

Need

Open Ended

What are the 2 ways a shortage can be solved?

Open Ended

Create a scenario in which a good/service is both scarce and is in a shortage.

Open Ended

Create a scenario in which there is a good/service that is SCARCE ONLY.

Open Ended

Create a scenario in which an individual, business or level of government must make a decision. Include what is chosen and at least 2 other options that could have been chosen.

Multiple Choice

The most accurate definition of the term "Economics" is:

• A situation in which unlimited wants and needs exceed the limited resources available to fulfill those wants and needs.

• The study of human behavior as they deal with the constant problem of scarcity by making choices in an attempt to satisfy their needs and wants.

• Physical objects such as clothes or shoes.

• A phrase used in to remind us there are no other changes occurring at all except what is given in a scenario or question. Another way to of saying this is - keep it simple & focus only on the change in the question.

Multiple Choice

In 2018, the most popular Christmas present was the PS4, which sold for $299 at the time. Parents discovered that they could not find a PS4 for sale anywhere in their area. This is an example of

• scarcity only.

• shortage only.

• both scarcity and shortage.

• neither scarcity nor shortage.

Multiple Choice

Which of these examples represents a service?

• Food

• Automobiles

• Doing Someone's Tax Returns

• Designer Jeans

Multiple Choice

Which of the following is an example of a 'want'?

• Cable TV

• Shelter

• Food

• Clothing

Multiple Choice

What characterizes a shortage situation?

• It only pertains to goods, not services

• It is a permanent condition

• It occurs when supply exceeds demand

• It is a temporary situation