Economics Key Concepts C

Opportunity (a)   is the ​ (b)   choice.

• cost
• second best
• best
• need

People make (a)   for ​ (b)   reasons.

• choices
• good
• needs

Organize these incentives into the right category

Groups:

(a) Positive

,

(b) Negative

• Phone taken away

• ISS

• 2 for the price of 1!

• A raise at work

Match the following

• Wants

• Desired, but not necessary for survival

• Needs

• The study of how people make choices to meet their wants and needs

• Scarcity

• Unlimited wants exceed limited resources

• Economics

• Required to survive

(a)   is the distribution of ​ (b)   .

• Allocation
• resources
• Economics

Organize these options into the right categories

Groups:

(a) Wants

,

(b) Needs

• Tattoo

• Expensive clothes

• New furniture

• Medical care

• Oxygen

• Clean water

Match the following

• Incentive

• Allocation

• Scarcity

• A reason to change your behavior

• Economics

• The study of choices people make to meet their wants and needs

• Distribution

• Unlimited wants exceed limited resources