Introduction to Economics

This refers to how much of something is available to you

• Supply

• Demand

• Opportunity Cost

• Production

If I have to make a choice between reading a book or watching my favorite show and I choose to watch my favorite show, what is the opportunity cost

How are scarcity, choice, and opportunity cost all related? (Which one leads to another and so on...)

Draw a supply and demand curve (label them) and identify on the table where the equilibrium price would be

If supply goes up and demand goes down, what will happen to the price?

• Goes up

• Goes down

If supply goes down and demand goes up, what will happen to the price?

• Goes up

• Goes down

This term refers to where supply and demand are the same and therefore the price will not go up or down

Which of the following is NOT a type of resource?

• Natural

• Human

• Capital

• School

List ONE resource for each type (ex- natural=water)

Natural, Capital, Human, Entrepreneur