Intro to Economics Vocabulary quiz

What do we call things we MUST have to survive?

• needs

• wants

When there is ______, there is NOT enough of something to meet people's needs.

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What do we call things we would LIKE to have?

• needs

• wants

When there is _______, there is A LOT of something.

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_______ is the amount of worth or importance something or someone has.

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_________ is what you give up when you choose one thing over another.

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Which one is NOT a need for humans?

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Instead of buying a coffee from Starbucks, Mrs. Stutzman saved her money to buy a gift for her students.

What was the OPPORTUNITY COST of her choice?

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Mateo's mom chose to help him with his homework yesterday instead of going to the mall to buy him new shoes.

Which statement might be true about Mateo's mom?

• She values shopping more than homework.

• She values homework more than shopping.

• She values money more than Mateo.

If you had an abundance of money, what would you do with it?