Economic Concepts & Terms

The study of how people satisfy unlimited wants with limited resources

• Economics

• Wants

• Needs

• Scarcity

The economic concepts that says everything is limited

• Markets

• Scarcity

• Cost-Benefit

• Opportunity Cost

What is a potential consequence as certain goods/services become more scarce

• Price increases

• Price stays the same

• Scarcity does not impact price

• Price decreases

Which of the following is an example of a need?

• A designer purse

• A first class plane ticket

• Shelter

• The newest Iphone

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Wants can be described as

• Items necessary for survival

• Things not essential to survival

• Food

• Water

Tags

CCSS.RI. 9-10.9

CCSS.RI.11-12.9

CCSS.RL.11-12.2

CCSS.RL.8.2

CCSS.RL.9-10.2

In economics, cost can mean more than just money. It can also mean (Choose two)

• Time

• Resources

• Wants

• Needs

A student decided to home from school. What is the cost of this decision?

• Getting to relax at home

• Getting behind on school work

• Being able to clean their room

• Sleeping in

A student decided to home from school. What is the benefit of this decision?

• Being able to do whatever you'd like with your time

• Missing school work

• Not understanding class content

• Getting behind in lab work

Tags

CCSS.RL.11-12.3

CCSS.RL.6.3

CCSS.RL.7.3

CCSS.RL.8.3

CCSS.RL.9-10.3

My wife went shopping and got clothes for our kids instead of herself. What was the opportunity cost?

• The clothes she bought my kids

• The clothes she could have bought herself

• Shopping

• Our kids

What you give up when making a decision, or the next best alternative

• Scarcity

• Opportunity Cost

• Economics

• Macroeconomics