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?

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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?

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