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WorksheetsG4 - U4 L1 Review
Total questions: 30
Worksheet time: 19mins
When there's not enough of something that people want
Surplus
Scarcity
Limited Resources
Unlimited Wants
There are only certain amounts of resources.
Surplus
Scarcity
Limited Resources
Unlimited Wants
There is no end to the number of things people want and need.
Surplus
Scarcity
Limited Resources
Unlimited Wants
Workers and their skills
Natural Resources
Capital Resources
Limited Resources
Human Resources
Things in nature that people see as useful
Natural Resources
Capital Resources
Limited Resources
Human Resources
Things that are used to produce more goods and services
Natural Resources
Capital Resources
Limited Resources
Human Resources
When you make a choice and it's the second thing you wanted most
Economics
Limited Resources
Opportunity Cost
Economic System
The study of how individuals and societies use their scarce resources to get goods and services
Economics
Limited Resources
Opportunity Cost
Economic System
A system a society used to answer the basic economic questions such as what to produce
Economics
Limited Resources
Opportunity Cost
Economic System
Lawn Mowing: Goods or Service?
Goods
Service
What is an example of scarcity?
When people are scared of water.
When a country needs lots of water for drinking and cooking, but it hasn't rained in a long time so water is hard to find.
What is a need?
XBox One
Something you have to have to live
Something you would like to have
Ice cream
Which is an example of a need?
Water
Video games
Toys
iPad
What is an example of a want?
Food
Water
Air
Toys
A mechanic is a
natural resource
human resource
capital resource
A flag pole is a
natural resource
human resource
capital resource
A truck driver is a
natural resource
human resource
capital resource
A tree is a
natural resource
human resource
capital resource
Water is a
natural resource
human resource
capital resource
A factory building is a
natural resource
human resource
capital resource
