Factors of production

Things that are required in order to live are known as ....?

• Wants

• Needs

• Goods

• Services

Things that you can see and touch are known as ...?

• Goods

• Services

• Wants

• Needs

Things that add comfort or pleasure to your live are know as ....?

• Wants

• Needs

• Goods

• Services

Which one of the following is a need?

• food

• roller skates

• bike

• cat

Why are they called wants?

• You must have them or you will die.

• You don't need them to live.

Why are they called needs?

• They are things you really want.

• You must have them or you will die.

• You want them, but you will not die if you don't get them.

Economics is the study of

• production technology

• consumption decisions

• how society decides what, how, and for whom to produce

• the best way to run society

___ is the most basic economic problem.

• Labor

• Scarcity

• Greed

• Capital

What questions should we ask about the basic economic problem?

• What should be produced and with what quantities?

• How should things be produced?

• Who should things be produced for?

• All of them

What is the definition of economics?

• The study of getting rich

• The study of people and choices

• Forecasts of how a certain market will do

• Study of the stock market