Economics

This word means to have options.

• scarcity

• choice

• opportunity

• demand

The word demand (noun) means

• not having enough of something

• the amount of something that people have too much of

• the amount of something people actually want or need

• the choices we have to pick from

Opportunity Cost is a noun that means

• something that must be given up to get or achieve something else

• something that you have too much of that you don't really need

• not having enough of what you want or need

• something that costs too much money

Supply (noun) is

• how much of something you would need

• the sacrifice you make by giving something up for another choice

• a situation that requires immediate action

• the amount of something that is available

Why is choosing not to spend money as important?

How does declaring a state of emergency help a community? Think about this as it relates to what is currently happening in our world with Covid-19.

What would cause a factory to produce too much of a product?

• If the factory owner decides that the demand for the product will continue to be high, production will continue at a faster rate.

• The factory owner is anticipating/expecting a surge in demand due to changes in the current situation locally or globally.

• The workers are working so well that they make more products but at a less than acceptable quality.

• The time of year.

What would most likely happen if a country set a high price for its export? Key focus is scarcity...

• The importing country would most likely be unhappy with the price increase.

• A country will have no choice but to pay the higher prices for exports.

• It might well raise prices from its exports to the other country.

• A trade war could result.

What do we call goods we bring from another country to sell in our country (noun)?

• exports

• trade

• economy

• imports

Identify which of these four are options are a need vs a want. Check all that apply.

• Food

• Video Games

• Shoes

• A safe place to live