Economics Unit 1

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

• Economics
• Consumer Science
• Opportunity Costs

__________ Things required to live such as food, shelter, clothing, air

• Need
• Want
• Tradeoff

_____________ anything that it used to make a good or service.

• Resources
• Good
• Service

Economics is the study of ______________

• Money

• How to get rich

• Consequences and Punishments

• Choices

Scarcity is

• Whatever you are giving up to do something.

• The study of production, employment, prices, and policies on a nationwide scale

• The tension caused by infinite wants and finite resources.

• A set of external motivators that help people make choices.

Opportunity cost is

• Whatever you are giving up to do something.

• The study of production, employment, prices, and policies on a nationwide scale

• The tension caused by infinite wants and finite resources.

• A set of external motivators that help people make choices.

Incentives are ______________

• A set of external motivators that help people make choices.

• Whatever you are giving up to do something.

• The tension caused by infinite wants and finite resources.

• The study of production, employment, prices, and policies on a nationwide scale

Oil, water, and wood are examples of ______________ resources.

• Land

• Labor

• Capital

• Entrepreneurship

Oprah Winfrey, Guy Fieri, and Steve Jobs are examples of ______________ resources.

• Land

• Labor

• Capital

• Entrepreneurship

Hammers, pencils, and computers are examples of ______________ .

• Land

• Labor

• Capital

• Entrepreneurship