Meeting our Needs and Wants Ch. 7 Lesson 1

Things you must have to live.

• needs

• scarcity

• wants

• abundance

Things you would like to have but do not need.

• needs

• scarcity

• wants

• abundance

When there is not enough of something to meet people's needs and wants.

• needs

• scarcity

• wants

• abundance

A lot of something.

• needs

• scarcity

• wants

• abundance

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

• opportunity cost

• scarcity

• wants

• abundance

Which is a good way to earn money?

• Buy a new toy.

• Sell my old toys.

• Buy a happy meal.

• Buy a new car.

Which do yo need for school?

• Flashlight

• backpack

• toothbrush

• toys

Using a _____________________ can make it easier to make choices.

• value

• opportunity costs

• decision-making process

• abundance

People around the world make _______ when they spend money.

• value

• opportunity costs

• decision-making process

• choices

Which is a "want" on a campling trip?

• a book

• food

• water

• warm clothes