Chapter 1 Exam Review

What is a Consumer?

• A person who makes Goods for people to buy

• A person who purchases goods and services for personal use

• Ford who makes cars for people to drive

• You when you create a product for someone for money

Can you tell me what Economics is?

• Economics is the study of how people use MONEY only

• Economics is the study of human movement

• Economics is ALL about stocks

• Economics is the study of how people use limited resources to meet the needs and wants of +8 Billion people

Can you tell me what a 'Need' is?

• Something we must have in order to survive

• Something we need to give up in order to survive

• Something not necessary to live

• "Meh I can live without it"

Can you tell me what a 'Want' is?

• Something we must have to survive

• Something we would like to have but don't need in order to survive

• Something you can live without

• Shelter

Imagine you're on a deserted island. How would you meet your needs and wants?

• Scavenge for resources

• Hunt for food

• Build a shelter

• Do nothing

Can you recall the two types of resources we used to talk about how our needs and wants are met when we use them?

• Man - Made Resources

• Neurotic Resources

• Safety resources

• Natural Resources

Imagine you're in a world where your needs and wants are not met. What do you think would happen?

• People become angry

• People lose their jobs

• People lose their homes

• People enjoy when this happens

Why do you think our society is so dependent on our feelings and emotions?

• It relies on people like you and me to function properly

• It doesn't rely on our feelings and emotions

• Because women can't control their sadness

• Because men can't control their temper

What are some of the recent events that demonstrate what happens when our needs and wants aren't satisfied?

Imagine you're on a deserted island and you only have a limited amount of food and water. This situation is a perfect example of what economic concept?

• Option 1: Is it Scarcity?

• Option 2: Or maybe it's Demand and Supply?

• Option 3: Could it be Opportunity Cost?

• Option 4: Or is it Inflation?