Choice is when a person makes a decision and chooses what they want based on limited resources.

• True

• False

is the inability to satisfy all wants at the same time. All resources and goods are limited.

• Choice

• Opportunity Cost

• Decision

• Scarcity 

What you give up when you make a choice based on limited resources and scarcity, the thing you gave up was the

• Choice

• Opportunity Cost

• Decision

• Scarcity

What are the three types of resources? 

• Natural

• Human

• Incentive

• Price

• Capital

Maria lives in an economic system where people can choose what they purchase, what they can make, etc. The government does have some rules in place to keep people (consumers/the public) safe, such as food regulations or a law that says you cannot put lead in paint. What type of economic system is this?

• Traditional

• Mixed

• Command

• Free Market

Lucy is a business owner (an entrepreneur) who has a business that makes the metal part on pencils, where the pencil and eraser meet. Lucy lives in an economy system where there aren’t rules on what can be produced or how it is made. The government does not intervene, and the goal is for people to make as much money as possible. What type of economic system is this?

• Traditional

• Mixed

• Command

• Free Market

Ricky lives in a system where the government controls and plans out everything. Ricky is told what and how much of things he can buy. Ricky was assigned a job as a factory worker to produce ventilators due to the pandemic. Ricky, and others, do not have a say. What type of economic system is this?

• Traditional

• Mixed

• Command

• Free Market

Leo lives in a small village. He trades the family crop, corn, which is what his dad and his grandfather did. The village doesn’t use money, people simply trade for what they need. Leo will be a corn farmer like his father and grandfather. What type of economic system is this?

• Traditional

• Mixed

• Command

• Free Market

What is supply?

•  the amount of a good or service that a producer wants to sell. 
• the amount of something that a consumer wants to buy. 
• the lack of a resource.
• something is what you give up to make it or buy it.

What is demand?

•  the amount of a good or service that a producer wants to sell. 
• the amount of something that a consumer wants to buy. 
• the lack of a resource.
• something is what you give up to make it or buy it.