Economics Review

Which of these is a need?

• clean air

• new jeans

• cool sneakers

• your favorite candy

Which of these is a want?

• food

• water

• shelter

• smartphone

Which of these is an example of a good?

• a laptop

• an apple

• a backpack

• all of the above

Which of these is not an example of a service?

• babysitting

• mowing the lawn

• a vase of flowers

• fixing your computer

What do people need to live?

• Air, food, water, and shelter

• Toys, candy, books, and bikes

• Ponds, deserts, forests, and mountains

• Librarians, teachers, principals, and students

Is this a need or want?

• need

• want

Is this a need or want?

• need

• want

Is this a need or want?

• need

• want

TRUE or FALSE: Because we have unlimited wants and scarcity, we have to make difficult choices.

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted