Economics

What is a need?

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

Tags

CCSS.RI.7.2

CCSS.RL.7.2

CCSS.RI.8.2

CCSS.RL.6.1

CCSS.RL.7.1

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.7.2

CCSS.RL.7.2

CCSS.RI.6.2

CCSS.RL.6.2

CCSS.RL.8.2

Which of these is a need?

• car
• water
• video games
• candy

Which of these is a want?

• Legos
• air
• water
• food

The money that remains after all the costs of production have been paid.

• Loss
• Supply
• Profit
• Tax

Money that the government collects from individuals and businesses to pay for public goods and services

• Profit
• Tax
• Service
• Loss

The study of how people choose to use their resources

• Incentive
• Economics
• Entrepreneur
• Specialization

Anyone who buys a good or service.

• Barter
• Loss
• Consumer
• Producer

Anyone who makes or grows a good or performs a service.

• Barter
• Consumer
• Producer
• Profit

When it costs more to make a good than what you sell the good for.

• Loss
• Profit
• Tax
• Service