Intro to Econ

Which of the following are examples of needs

• I-Phone

• Food

• Work

• Crunchwrap Supreme

• Shelter

The condition that results from society not having enough resources for both wants and needs

• Economics

• There Is No Such Thing As A Free Lunch

• Scarcity

• Opportunity Costs

Explain the economic concept of "There is No Such Thing As a Free Lunch"

Because we live in a society of scarce resources, what are the three basic questions surrounding production?

• What to produce

• How fast to produce

• How expensive to produce

• How to produce

• For whom to produce

Which of the following are examples of wants

• Shelter

• Pizza

• Vans shoes

• Clothing

• Food

This social science is the study of how people try to satisfy what appears to be seemingly unlimited and competing wants, through the careful use of relatively scarce resources.

This is the first of the three basic questions of production. Since a society cannot have everything that people wants, it must decide....

• How expensive to produce

• How to produce

• Whom to produce

• What to produce

Choosing whether or not to use more workers or factory equipment is an example of....

• What to produce

• Scarcity

• How to produce

• For whom to produce

BONUS: How is economics fundamentally about choices?