Understanding Economics Game Pt. 1

What is an entrepreneur?

• A person who makes toys

• A person who starts a new business

• A person who takes risks to make a new product or service

• A person who sells candy

What does 'scarcity' mean?

• When there are too many toys

• When there isn’t enough of something

• When everyone has the same thing

• When things are free

What is a price incentive?

• A special gift for buying a toy

• A new store opening

• Lowering prices to attract more customers

• A sign saying “Happy Sale Day”

What does ‘opportunity cost’ mean?

• Buying more toys

• The thing you give up to get something else

• Winning a prize

• Getting a discount

Which of these is an example of a business specializing?

• A store selling clothes and shoes

• A bakery that only makes cakes

• A shop that sells toys, games, and books

• A restaurant that serves pizza and burgers