Economics Review

Front

The good or service that you give up when you make a choice is called _____________.

Back

opportunity cost

Front

If 5 people want an ice-cream, is there a scarcity?

Back

Yes, there is a scarcity.

Front

You should save money to buy things you need, such as _____________.

Back

food, pay rent, clothes

Front

When you spend money, you _____________.

Back

buy things you want or need

Front

When you save money, you _____________.

Back

don't buy anything, you hold on to it

Front

What is scarcity?

Back

Scarcity means there are not enough resources to meet everyone's wants.

Front

What does it mean to save money?

Back

To save money means to keep it instead of spending it.

Front

What is a need?

Back

A need is something you must have to live, like food and shelter.

Front

What is a want?

Back

A want is something you would like to have but do not need, like toys.

Front

What happens when you have limited resources?

Back

You have to make choices about how to use them.