Ramirez- Chapter 1 Econ Quiz

What are Wants?

• Things we would like to buy (toys, video games)

• Things we must have to live (air,food, water, shelter,)

• Things that people make or grow (clothes, food, car)

What are Needs?

• Things we would like to buy (toys, video games)

• Things we must have to live (air,food, water, shelter,)

• Things that people make or grow (clothes, food, car)

What is Scarcity?

• Money that people earn

• Things we would like to buy (toys, video games)

• There is not enough of a resource for everyone who wants it.

What is a Consumer?

• Someone who provides goods and services

• Things we would like to buy (toys, video games)

• Someone who buys things with money

What is a Producer?

• Someone who provides goods and services

• Things that people make or grow (clothes, food, car)

• Someone who buys things with money

Economics is.....

• ...the study of how society decides when, what and how to produce

• ...the study of supply and demand

• ...easy and you don't need to know any specific words

• ...only relevant to large businesses and government

What book, written by Smith, is considered by many to be the cornerstone of capitalism and was Smith's most famous work?

• The Wealth of Nations

• Capitalism and its Implications

• Economics and Political Systems

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

If 3 people want a candy bar, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Every time we go shopping we make _______.

• choices
• money
• products