Scarcity and Choice

What is Economics?

• Economics is a Social Science that studies how people with limited resources make choices in order to satisfy their needs and wants.

• Economics is a Social Science that studies how people with infinite resources make choices in order to satisfy their needs and wants.

• Economics is a type of Biology that studies how people with limited resources make choices in order to satisfy their needs and wants.

• Economics is a Social Science that studies how people with limited resources make choices in order to satisfy their factors of production.

What does 'scarce' mean?

• too much

• limited in supply

What is a need?

• Something we buy when we have extra money

• Something we cannot live without

What is the 'financial cost'?

• The thing we need

• The price of the item we choose to buy.

• The thing we want

Which of these items is categorized as a 'want'.

• water

• food

• shelter

• PS5

Which of these words best describes 'utility'

• satisfaction

• magnificent

• rational

• scarce

Which of these is the correct 4 factors of production?

• Land, Labour, European Union, Enterprise

• Land, Football, Capital, Enterprise

• Land, Labour, Capital, Enterprise