Econ-1.1 Formative Assessment Opiton 1

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Where does human behavior come from, based on an economic point of view?

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What is the problem that humans are constantly dealing with?

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When we make a choice, there will always be something

.

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.

Fill in the Blanks

Any good/service that has a

is scarce.

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