Economic terms

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

What is an economic want?

• Things people need in order to survive.

• Things people would like to have.

• Things people don't want anymore.

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

Why can’t you always get what you want? (one word)

(a)  

When individuals or businesses concentrate on only a few things so they can become experts at those few things, it is called...

• Scarcity

• Specialization

• Standard of Living

• Supply and Demand

When you have to make a choice, this is the best of the options that you DIDN'T pick. It's what you had to give up in order to go with the choice that you made.

• Trade

• Specialization

• Interdependence

• Opportunity Cost

The kind of resources that are provided by Earth - like water, air, soil, solar energy, etc.

• Natural Resource

• Capital Resource

• Human Resource

The effort people put into producing goods or services - Work, Labor

• Natural Resource

• Capital Resource

• Human Resource

Goods that are used by people to make other goods or to perform services. This can also include money invested towards making new goods or providing new services. (Examples: tools, machines, buildings, investments)

• Natural Resource

• Capital Resource

• Human Resource