Economic Concepts

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

When I choose one item over another because I cant afford both, this is called an ...

• scarcity
• opportunity cost
• choice
• incentive

When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.

• trade offs
• scarcity
• opportunity cost
• incentive

Another phrase for a choice is ...

• trade off
• scarcity
• opportunity cost
• incentive

• need
• want

Tags

CCSS.L.3.6

CCSS.L.3.2E

CCSS.L.4.6

CCSS.RF.K.3C

CCSS.L.5.6

Identify the following statement as a need or a want: Your dad notices that water is leaking through the ceiling so he calls a roofer to come look at the roof and fix it.

• Need
• Want

Identify the following statement as a need or a want: Your socks have holes in them, so you and your mom go to the store to buy new ones.

• Need
• Want

In our "playdough economics" activities what represented specialization?

• the playdough
• the bun and patty makers
• the assembly line
• the final product

• need
• want