ECON REVIEW LESSONS 1 & 2

Something we desire but that is not necessary for survival

• Want

• Need

• Good

• Service

Something essential for survival

• Want

• Need

• Good

• Service

Physical objects that someone produces

• Want

• Need

• Good

• Service

An action or activity that one person performs for another

• Want

• Need

• Good

• Service

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

• Time

• Money

• Food

• Oil

SELECT ALL THAT APPLY: "Orange is the New Black" is the most popular show on Netflix, according to viewer surveys. Netflix is an example of a: _______ & _______.

• Good

• Service

• Want

• Need

SELECT ALL THAT APPLY: Over 490 million tons of rice were consumed worldwide in 2018-19. Rice is an example of a _______ & ________.

• Good

• Service

• Want

• Need

The fact that there are limited amounts of goods and services to meet unlimited wants is called:

• Scarcity

• Shortage

• Surplus

• Economics

Economics is the study of how people seek to satisfy their needs and wants by making choices

• True

• False

Scarcity forces us to make economic decisions

• True

• False