Economics Unit 1

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

• Economics
• Consumer Science
• Opportunity Costs

Basic Economic Problem: Mismatch of unlimited wants and needs and unlimited economic resources.

• True
• False

__________ Things required to live such as food, shelter, clothing, air

• Need
• Want
• Tradeoff

____________  supply & demand determines what gets produced

• Free Market Economy
• Closed Economy
• Socialism

______________ not having enough resources to satisfy all of the needs/wants

• Scarcity

• Opportunity Cost

• Tradeoff

Which of these is a good?

• Librarian
• Teacher
• Computer
• Mechanic

Which of these provides a service?

• Pumpkins
• Mailman
• Turtles
• Cars

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

All people have the same wants and needs.

• True
• False

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

How much people want something

• supply
• demand