Demand BASICS

Wants are...

• Things you must have

• Things you would like to have...

• Things you will buy...

• Things you have...

Scarcity is ...

• unlimited wants and unlimited resources

• limited wants and unlimited resources

• unlimited wants and limited resources

• limited wants and limited resources

CHOICES are necessary because...

• limited wants and unlimited resources

• unlimited wants and limited resources

• limited wants and limited resources

• unlimited wants and unlimited resources

All choices result in an...

• opportunity cost

• accounting cost

• large costs

• alternative cost

Opportunity cost is...

• The next best alternative missed out on

• all the choices you didn't take

• the price of the second option

• the price of the first option

A human resource in the classroom is...

• TV

• desk

• teacher

• student

A human-made resource in a school is...

• principal

• desk

• teacher

• student

A natural resource in a farm is...

• tractor

• cow

• farmer

• fence

Which resources can be renewable resources?

• all resources

• human-made resources

• human resources

• natural resources

Which resource is renewable?

• oil

• coal

• forest

• gold