Economics Basics

Check all of the following that you think are SERVICES

• Getting a haircut

• A hairbrush

• A can of paint

• Hiring someone to paint your house

• Getting a car wash

What does "scarcity" mean?

• There is too much of a product

• There is not enough of a product

When you make a choice, you are choosing between a set of options. Things you do not pick are called....

Production is....

• Using resources to make goods or services

• Using of goods and/or services

Consumption is....

• Using resources to make goods or services

• Using of goods and/or services

Price is...

• How much something costs

• How much people want the product/service

• How much of the product there is

True or False: Supply is the amount of a good/service that a producer is willing to make

• True

• False

True or False: Demand is how much of a good or service people are willing to buy

• True

• False

Which of the following is NOT a resource

• Natural (ex: wood)

• Human

• Capital ($)

• Choice

Miguel wanted to buy a donut but Dunkin Donuts was all sold out! What is this called?

• Scarcity

• Choice

• Demand