Vocabulary
Scacity is
What is when there is not enough of something
What is a need?
What is something needed to survive
Is this an example of scarcity?
twelve students in the class need a pencil and there are three pencils left
What is yes, this is an example of scarcity
When a good or service is scarce, the price goes
What is high?
supply is
what is how much of something there is
What is a want?
What is something you don't need to survive
Is this an example of scarcity?
There is enough candy for everyone in the class to get a piece
What is no, this is not an example
What is a benefit of choosing to study and practice over giving up?
Answers will vary. Ex. getting better, knowing more, etc
What is not selected in a choice
What is opportunity cost?
When choosing resources, we choose resources that help our ______ FIRST.
a. needs
b. wants
What is needs?
Many people are thirsty, but there is no water in the well. What resource is scarce?
What is water?
When a good or service has a high supply and low demand, we expect prices to be
What is low or go down
Demand is
What is how much people want or need something
Food is a
a. need
b. want
What is a need?
Mrs. St. James has two choices. She can go to a late night party or get some rest. She choices to get some rest. What is her opportunity cost?
What is go to a late night party?
What is a choice you can make if the price of a good is too high?
Answers will vary
We use this to help make choices
a. demand
b. benefit
c. cause
What is a benefit
A video game is a
a. need
b. want
what is a want?
We have to do this because of scarcity
What is make choices
What is one effect of many crops dying during a cold winter?
Answers will vary