Year 8 Econs & Business - Weeks 1-2

The term to describe the problem of people having unlimited needs and wants, but limited resources, forcing people to make choices.

• Scarcity

• Trade

• Standard of Living

• Human Resources

What does it mean when something is scarce?

Which of the following is not a need?

• Water

• Food

• Shelter

• Hair dye

Which of the following is not a want?

• iPhone

• Swimming pool

• Water

• Laptop

The system in which goods and services are exchanged

• Barter

• Currency

• Market

• Resource

How much people want a good/service

• Supply

• Demand

How much of a good/service is available

• Supply

• Demand

How much of a good or service is available AND how much people want it.

• Scarcity

• Specialization

• Supply and Demand

• Standard of Living

If there are only 100 televisions on sale and 200 people want to buy TV's, it is a problem of ____. 

• desire

• demand

• supply

• scarcity

Something we pay for that we can touch

• goods
• services