Basic Economics

Economics is all about

• making money

• government controlling resources

• making decisions

• none of these

What do economic decisions begin with?

• Becoming rich

• fulfilling needs and wants

• Filing taxes

• Graduating high school

Select 2 that apply.

• Need

• Want

• Good

• Service

Fresh water is a limited resource. This is an example of ____________.

Scarcity can be a result of high demand and might lead to -

• higher prices

• lower prices

This word means to encourage a behavior or decision.

• scarcity

• incentive

• opportunity cost

• economics

This picture shows an example of -

• good or service

• a positive incentive

• scarcity

• a negative incentive

Select all of the positive incentives.

• sale

• discount

• fine

• coupon

• penalty

Economic incentives usually involve -

• money

• laws

• jobs

• water

Which do people compare in order to make choices

• supply and demand

• costs and benefits

• buying and selling

• apples and oranges