SS 9 Shortage, Scarcity , Needs & Wants & Opportunity Cost

The fact that there is a limited amount of resources to satisfy unlimited needs & wants

(a)  

The word that comes from the Greek word for “one who manages a household” is

(a)  

What you give up to obtain an item is called your ?

(a)  

Which of these is NOT an example of a need?

• Water

• Food

• Shelter

• Watch

Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True

• False

It is a theory of psychology explaining human motivation based on the pursuit of different levels of needs.

(a)  

The order of Maslow's Hierarchy of Needs, from bottom to top is:

• Physiological, Safety, Social, Esteem, Self-Actualization

• Self-Actualization, Esteem, Social, Safety, Physiological

• Physiological, Esteem, Social, Safety, Self-Actualization

• Psychological, Security, Happiness, Ego, and Self-Realization

The hardest stage to recognize individual needs in is the...

• Esteem level

• Self-Actualization

• Safety level

• Belonging level

In two paragraphs composed of 10 sentences, write an explanation of what this graphic organizer means through the application of these economic concepts in real life situations.

Generation Z, more or less, comprises those who grew up deeply connected to technology, practically from the moment they became self-aware. Generation Z's characteristics are interesting and specific; Generation Z are avid gamers and music-goers, and they are known for being ever-present on the internet. They are truly digital citizens.

How do teenagers prioritize in choosing between needs and wants? How does it reflect their decision-making?