Economics

What is a need?

• A toy you like

• Something you must have to live

• A game on your tablet

• A fun snack

What is a want?

• Food and water

• A place to live

• Something you would like but don’t need

• Something that helps you survive

What is a good?

• Something someone does for you

• Something you can buy and hold

• A place you shop

• A type of money

What is a service?

• A toy that makes noise

• A person who buys things

• Something someone does to help you

• A kind of store

What is a consumer?

• A person who makes things

• A person who buys and uses things

• A person who gives money to others

• A person who runs a store

What is a producer?

• Someone who buys toys

• Someone who helps at school

• Someone who makes goods or provides services

• Someone who drives a truck

What is scarcity?

• When there’s too much of something

• When there are not enough things for everyone

• When prices go up

• When people share

What is an economic choice?

• Picking out a fun toy

• Choosing between two things to buy

• Making a list

• Giving away your lunch

What is opportunity cost?

• Getting a free prize

• What you give up when you choose something else

• The price of something

• Getting more for less

What is a benefit?

• Something that helps someone else

• What you get from making a choice

• A free gift

• Something you lose