Economic Choices

It is the way people, businesses, and governments manage money.

• Economics

• Supply

• Demand

• Scarcity

In economics, a __________could be money, a person, or a natural product that can be used to meet needs.

• Opportunity Cost

• Resource

• Government

• None of the above

A _______occurs when not enough of a product is available now.

• Scarcity

• Shortage

• Abundance

• None of the above

A _________occurs when there are not enough resources available to meet demand.

• Shortage

• Abundance

• Scarcity

• All of the above

Abundance means . . .

• Less

• Scarcity

• Shortage

• Plenty

The amount of something that is available for sale.

• Demand

• Abundance

• Supply

• Economics

The amount of something that people need or want and are willing to buy.

• Demand

• Supply

• Opportunity Cost

• None of the above

Why do prices often go up when there is a shortage?

• Because people have a lot of money.

• Because there are not enough products available and people are willing to pay more.

Possible cause of a shortage.

• Panic buying

• Heavy snowstorm

• Pandemic

• All of the above

What are some examples of needs?

• Water, food, shelter

• Toys, fancy clothes, iphone