What is Scarcity? Chapter 1

The study of resources such as money, materials, and labor

• economics
• services
• producers
• goods

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RL.7.1

CCSS.RL.8.1

What is a good?

• A need
• A baseball game
• Things people do for money
• Things that people make or grow

What is a service?

• A job
• Something someone does for you
• A need
• Something you do for another person

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

A person who uses and buys goods and services 

• money 
• producer 
• consumer 
• economics 

Which of the following is not a good?

• Clothes
• Food
• Dog Walker
• Toys

Things we buy that we can touch or hold

• services
• opportunity cost
• goods
• natural resources

Who buys goods or services?

• Producers 
• consumers 

What are wants?

• Something found in China
• something you must have to live
• something you see in a movie
• something you would like to have