Economics

What is economics?

• The way people spend and save money

• Cooking

What is a producer?

• Someone who sells a good or product

• Someone who buys a good or product

What is a consumer?

• Someone who sells a good or product

• Someone who buys a good or product

What is a good?

• An object you can buy

• Things that people do for others

What is a service?

• An object you buy

• Things that people do for others

My mom said that I could get either a cheeseburger or chicken nuggets for dinner from McDonalds. I chose a cheeseburger. What was my opportunity cost?

• A cheeseburger

• Chicken nuggets

• French fries

• A drink

I am planning to spend $50 on groceries this week so that I can have $10 to go to the movies this weekend. What is this called?

• A budget

• Opportunity cost

• Scarcity

During the pandemic toilet paper was extremely low. People had a hard time finding it in the stores. What is this called?

• A budget

• Scarcity

• Opportunity cost

• Producer