Economics 101

The amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

House: Goods or Service?

• Goods
• Service

Doctor: Goods or Service?

• Goods
• Service

What is the definition of Scarcity?

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

The thing that you give up (the next best alternative) when you make a decision is known as

• Opportunity Cost
• Scarcity
• Incentive
• Choice

how much of a good or service consumers want

• demand

• spending

• producer

• scarcity

The amount available

• supply

• demand

• import

• natural resource

not having enough

• scarcity

• supply

• human resouce

• taxes

How can Economics be used in your daily life?