Economic Decision Making

What is a need?

• Things that are not necessary for survival, but add comfort to your life.
• Things required to live.
• Things you can see or touch.
• Actvities that are consumed at the same time they are produced.

What are goods?

• Things required to live.
• Activities that are consumed at the same time they are produced.
• Things you can see and touch.
• Things that are not necessary for survival.

Which of the following is a need?

• Haircut
• Smart Phone
• Housing
• Socks

What is a service?

• Things that are not necessary for survival.
• Activities that are consumed at the same time they are produced.
• Things you can see and touch.
• Things required to live.

Which of the following describes a natural resource?

• Tools
• Money
• Labor
• Iron

Capital resources include which of the following?

• Equipment
• Oil
• Labor
• People

An example of a human resource is which of the following?

• Wood
• Supplies
• Labor
• Money

The process of deciding alternatives to certain wants to determine which is best is called?

• Needs
• Decision Making
• Goods
• Capital Resources