Chapter 1. Study of Economics

What is scarcity?

• exports

• imports

• making decisions with limited resources

• something desired

What is an example of a want?

• iPhone

• healthcare

• food

• water

What is an example of a need?

• airfryer

• airpods

• medical care

• new outfit

What is the study of economics?

• making choices

• making choices with the resources they have

• learning the stock market

• being an entrepreneur

What is an example of a service?

• apple watch

• dyson airwrap

• air force 1s

• nail salon

What is an example of a good?

• hair salon

• mechanic shop

• swim lesson

• glasses

What is a shortage?

• a low demand but a lot of items

• needed to survive

• a great depression

• a high demand for items and not enough to provide

What is an example of physcial capital?

• doctor

• cosmetologist

• comedian

• cash register

What is an example of human capital?

• oven

• fryer

• freezer

• IT Consultant

An opportunity cost exists with every decision one makes.

• True

• False