Economics

Something we desire but that is not necessary for survival

• Want

• Need

• Good

• Service

Something essential for survival

• Want

• Need

• Good

• Service

Economics is...

• studying goods, services, and how people can get them.
• studying trees, bushes, and other plants.
• studying animals and wildlife.
• studying food, and how food is made.

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

Which choice best describes the economic problem of scarcity in the world?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

Who is affected by the condition of scarcity?

• The rich

• Large economies

• All societies

• Producers (ie: businesses)

Why do all societies have to make decisions about how resources will be used?

• People are greedy

• There are not enough resources for those who want them

• Resources are too expensive for most people

• Because there is a huge gap between the rich and poor

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

• Time

• Money

• Food

• Oil

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