Working in our Communities Open Book Quiz

Definition: Things you MUST have to live.

• needs

• wants

• scarcity

• abundance

Definition: Things you would like to have but do not need

• needs

• wants

• scarcity

• abundance

Definition: There is not enough of something to meet people's needs and wants.

• needs

• wants

• scarcity

• abundance

Definition: There is a lot of something.

• needs

• wants

• scarcity

• abundance

Definition: The value of the thing you give up when you choose one thing over another.

• needs

• wants

• opportunity cost

• scarcity

Definition: What it is worth to a person

• need

• value

• want

• abundance

Definition: Things that people make or grow and then sell

• needs

• wants

• goods

• service

Definition: Work that one person does for another.

• Goods

• service

• abundance

• cost of opportunity

True or False: A producer is a person who makes a product or provides a service.

• True

• False

True or false: A consumer is a person who spends money to buy things they need or want.

• True

• False