3 Basic Economic Questions

Which one is a need?

• House

• McDonalds

• Yeezys

• La Croix Sparkling Water

Which one would be considered a want?

• Water

• House

• Car

• iPad

Which of these is an example of a service?

• candy bar

• hamburgers

• haircut

• computer

Which of these is an example of an economic good?

• teaching

• house cleaning

• haircut

• computer

Scarcity involves

• having unlimited wants and needs and limited resources

• having limited wants and needs and unlimited resources

• having everything you want

• none of these are correct

The three basic economic questions are

• when, where and how

• for whom, when and where

• for whom, what and how

• why, where and when