Economy

What are needs?

• things you must have

• things you want

• natural resources

• human resources

What are wants?

• things you need to survive

• an activity we pay someone to do for us

• something you buy

• things you would like to have, but aren't necessary

What is a good?

• something we want but don't need

• an activity we pay someone else for

• anything that you buy

What is an example of a need?

• dirt bike

• water

• PlayStation

• new hockey skates

What is an example of a want?

• food

• clothes

• shelter

• a pink convertible

Which one is not an example of a service?

• waiter

• doctor

• a book

• hair stylist

What is a synonym for producer?

• make

• buy

• play

• service

What is a synonym for consumer?

• goods

• service

• sell

• buy

Which one is NOT a resource?

• Human Resource

• Capital Resource

• Natural Resource

• Opportunity Cost

Fish are an example of a natural resource.

• True

• False