Econ Review (weeks 1-3)

Buying, selling, or exchanging goods or services.

• Trade

• Opportunity Cost

• Interdependence

• Scarcity

When you have to make a choice, this is the best of the options that you DIDN'T pick. It's what you had to give up in order to go with the choice that you made.

• Trade

• Specialization

• Interdependence

• Opportunity Cost

The kind of resources that are provided by Earth - like water, air, soil, solar energy, etc.

• Natural Resource

• Capital Resource

• Human Resource

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.

• Scarcity

• Trade

• Standard of Living

• Human Resources

A lack of water in an area is called ____.

• water scarcity
• water footprint

Read the following two statements:
***People want more things than they have money to buy.
***The goods and services a society can produce at any one time are limited.
What problem results from these two conditions? 

• Imbalance of Power 
• Scarcity
• Excessive Wealth
• Opportunity Cost

Opportunity Cost is 

• The alternatives you didn't choose
• The second best alternative 
• The negative aspects of an action
• The choice you made

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

The Chromebooks you are using are examples of

• Land
• Labor
• Entrepreneurs
• Capital

What are the three essential questions economics must answer to address scarcity?

CHECK ALL THAT APPLY

• HOW to produce

• FOR WHOM to produce

• WHAT to produce

• WHEN to produce

• WHY to produce