Economic basics

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

• Market 
• Tradeoff
• Scarcity 
• Equity 

________________ is the study of how people decide what they want and what they are willing to pay or give in order to get it.

• Economics

• Supply and Demand

• Capitalism

• Personal Finance

Soil, minerals, air, water, and coal are all examples of

• fossil fuels

• conservation

• recycling

• natural resources

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money
• by making choices
• by stealing
• by setting a budget

Is this shelter a want or a need?

• Want
• Need

An entrepreneur is someone 

• Someone who works for a new business
• Someone who starts a new business
• Someone who takes over an existing business
• Someone who does not want to work

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

How much consumers want something

• Demand

• Barter

• Consumer

The amount of something available to customers

• Consumer

• Services

• Supply

What are services?

• Work that someone does for someone else
• Items that are made or grown
• Something that is not real
• Something that is used to do work for someone else

Tags

CCSS.RI.6.2

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.6.1

CCSS.RL.8.1

What is a consumer?

• Someone who makes or grows goods or offers services
• someone who makes products
• Something that grows in nature
• Someone who buys goods and services

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A