Unit 1 - Fundamentals of Economics (Review)

Define Need

Define Want

Organize these options into the right categories

Goods are ​ (a)   products that ​ (b)   peoples wants or needs.

Define Services

Scarcity is the (a)   availability of resources relative to unlimited wants.​

Organize these options into the right categories

This is an example of what economic principle?

There are only a limited number of seats available for a concert, but many people want to attend.

This is an example of what economic principle?

If you spend money on a new phone, the option you lost is the vacation you could have taken with that money.

This is an example of what economic principle?

A restaurant owner considers whether to stay open for an extra hour, weighing the cost of keeping the staff and lights turned on.