S & C

WHAT IS A NEED?

What is a want

What is the opportunity cost

I have €2.00.

I can buy ice-cream or Pringles.

I choose ice-cream.

what is the opportunity cost?

• Pringles

• icecream

• money

• nothing

I have €2.00.

I can buy ice-cream or Pringles.

I choose ice-cream.

what is the FINANCIAL cost?

• Pringles

• Icecream

• Money

• Nothing

•Economics is the study of how people, businesses and governments with limited resources make choices in order to satisfy their needs.

• True

• False

•refers to the things provided with the help of nature that are used to produce goods and services. Examples include: sea, fields, rivers, mines, forests and climate.

• Land

• labour

• capital

• enterprise

•refers to the people involved in producing a good or service, e.g. teachers, electricians, carpenters, factory workers, games developers.

• land

• labour

• capital

• enterprise

refers to the physical items used in the production of goods or services, e.g. buildings, machinery, vehicles, computers.

• Land

• labour

• capital

• enterprise

•______________is the factor of production that brings together land, labour and capital to produce a product or a service.

• Land

• Labour

• Capital

• Enterprise