1.1 Scarcity

What is the study of how people satisfy their needs and wants?

• Needs

• Wants

• Economics

• Scarcity

What are the things that a person has to have to survive?

• Wants

• Needs

• Real Costs

• Trade Off

What term describes those things that you would like, but do not need to survive?

• Needs

• Scarcity

• Wants

• Opportunity Costs

What is defined as a limited amount of resources to meet unlimited wants and needs?

• Real Costs

• Scarcity

• Trade Off

• Economics

What term refers to all of the resources used to produce a good or service?

• Trade Off

• Opportunity Costs

• Real Costs

• Needs

What is it called when you choose between two possible uses for a resource, giving up one alternative for another?

• Trade Off

• Scarcity

• Wants

• Real Costs

What is the value of time, money, goods, and services given up in an economic choice?

• Needs

• Real Costs

• Opportunity Costs

• Economics

What are the things that a person needs to survive?

• Food, Water, Shelter

• Food, Clothing, Entertainment

• Water, Shelter, Transportation

• Shelter, Clothing, Food

What are wants?

• Things that you need to survive

• Things that you would like but do not need to survive

• Things that are essential for daily life

• Things that are required for work

Which of the following is an example of a want?

• Water

• Shelter

• Car

• Food