Intro to Economics

Economics is the study of _______________ wants in relation to _______________ resources.

• Unlimited, Unlimited

• Limited, Unlimited

• Unlimited, Limited

• Limited, Limited

Unlimited wants and Limited means (resources) creates s__________________.

• supply

• scarcity

• societies

• systems

The 3 basic needs are ________, __________ and ____________.

• food, shelter, wifi

• Internet, phone, wifi

• Food, Food, Food

• Food, water , shelter

Because of scarcity, we must make ___________.

Everyone is faced with the same limited means: ____________, ________________ and ___________________

• time , skills, money

• food, water, shelter

Even though Bill Gates is very weathy and well read, he still faces the limited resource of _________, which is common to all people.

A form of income where people are paid on an hourly basis.

• salary

• wages

• Fees

• Commission

A form of income where people are paid on an annual basis. ie the same amount every year.

• salary

• wages

• Fees

• Commission

A form of income where people are paid an amount based on the amount they sell.

• salary

• wages

• Fees

• Commission

A form of income where people are paid a set amount for doing a service. ie a lawyers charge.

• salary

• wages

• Fees

• Commission