Economy Basics

What is a want?

• Something you have to have to survive.

• Something you don’t need to survive but would like to have.

• Someone who buys something.

What is a need?

• Something that you have to have in order to survive.

• Something you do not need in order to survive but would like to have.

• Someone who buys something.

Which of the following is an example of a want?

• House

• Winter clothes

• Food

• iPad

Which of the following is an example of a need?

• Bicycle

• Jacket

• X-box

• Cat

What are products that are made or grown?

• Consumers

• Services

• Goods

• None of the above

Increase means:

• More

• Less

Decrease means:

• Less

• More

what are services?

• Products that are made or grown

• The amount of a product or recourse

• Work someone does for others

• Consumer interest and willingness to pay

Which of the following is not an example of a good?

• Toothpaste

• Apple

• Shirt

• Haircut

Which of the following is an example of a service?

• Toys

• Car

• Computer

• Medical Check-Up