Economics Test 1 9/16-9/18/2022

What is economics?

• Buying goods

• The study of how people allocate scarce resources in producing goods and services

• Buying services

• Selling things

Things we buy that is tangible are...

• Objects

• Services

• Goods

• Air

Things we pay for that others do for us are called...

• Treats

• Goods

• Occupations

• Services

A can of Coca Cola is an example of a...

• Good

• Service

• Need

• Resource

A WANT is something we...

• Must have to live

• Everyone should have

• Can't be given away

• Desire to have

What is a NEED?

• Something that is NOT necessary

• Something we must have to survive

• Something bad

• Something you want to give away

Which is a NEED?

• Candy

• Water

• A pair of Jordans

• A Gucci purse

Which is a WANT?

• Clothing

• Food

• A BMW

• Shelter

Land, Labor, Capital and Entrepreneur are the 4...

• Pieces of the Economic Puzzle

• Factors of Production

• Ways of Economics

• Decisions of Life

An example of a Human Resource is...

• A person with a certain skill or education level

• Natural things

• Items used in a business

• Animals used in a business