The Fundamental Economic Problem.

These are purchases that are not required for survival.

• wants

• needs

• free goods

• economic goods

These are goods that do not require resources to make and to gather.

• free goods

• economic goods

• services

• wants

What is scarcity?

• The condition where resources are not enough to meet needs.

• The situation where resources can be renewed.

• The action of collecting resources from nature.

• The activity that allows people to make money.

Why is scarcity a problem?

• It means that people need to think wisely about how resources are used.

• It means that you have an unlimited supply of resources.

• It means that the only way to be successful is to have unlimited money.

• It means that there is no hope of satisfying our basic needs.

Which among the following is a scarce resource?

• trees

• water

• electronic devices

• money

According to Abraham Maslow, what type of need must you satisfy before you can start worrying about belongingness?

• Physiological Needs

• Self-Esteem

• Self-Actualization

• Self-Worth

What is the fundamental economic problem?

• People can't get enough but our resources are limited.

• Resources are very abundant and we need to use them.

• People are figuring out ways to manage resources.

• Nobody knows how to divide resources properly.

These are factors used to produce goods and services.

• resources

• products

• scarcity

• services

These are products that need resources in order to create.

• economic goods

• free goods

• renewable goods

• expensive goods

Which among the following is an economic good?

• car

• sunlight

• heat from an exhaust pipe

• rain water