Warm up (Scarcity)

Why does scarcity exist?

• because of a lack of capital

• because of supply and demand

• because the wants for goods and services by children exceed the quantity of goods and services that can be produced from all available resources

• because human wants for goods and services exceed the quantity of goods and services that can be produced from all available resources

What is an example of scarcity?

• Chromebook shortage

• Gold

• Money

• Books

What is an example of a trade off?

• an even exchange

• Sacrificing additional supplies for research development

• Prioritizing your profits

• Providing a service

How can economics be defined?

• the study of how the country manages our resources

• the study of how the country governs business

• the study of goods and services

• the study of why Wing Stop is so delicious

What is economics?

What is an example of a free resource?

• Capital

• Food

• Land

• Clothes

You have $200 available to spend. You would like to purchase a bluetooth speaker, but you would also like to purchase new laptop. You decide to purchase the laptop? What is the opportunity cost?

• The laptop

• The bluetooth speaker

What is opportunity cost?

• The money made from great opportunities

• What is given up when making one choice or the other

• What is not given up when making one choice or the other

• the first choice in a group of decisions to be made

You have just received a check for $100. You have three options of items you would like to purchase. 1) Groceries 2) Clothes 3) Gas. You choose to buy groceries for your family. What is the opportunity cost?

• Groceries

• Gas

• Clothes

Is a free resource only a free resource if it is free?

• Yes

• No