Intro to Economics Warm up 2023

What is scarcity? 

• Giving something up to have something else
• Extra cost of production
• The condition that results form having unlimited wants with limited resources
• Rise in general level of prices and workers need more money

What is choice?

• The act of picking or deciding 
• The best option possible
• When something is very good
• When someone has no say in a matter

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

Something we use

• resource
• scarcity
• demand
• supply

Which of these things is a "need" and not a "want"?

• shoes to keep your feet warm & protected

• a really nice house/apartment to live in

• going to an elite college or prep school

• a smartphone with data/internet access

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

Economics is the study of economies, or, how people in a society get...

• trade goods

• products and services

• work and income (money)

• mediums of exchange

What is an example of a GOOD?

• Cashier

• Teacher

• Phone

• Nurse