Economic Choices
Things that we have to have in order to live.
Needs
When a bakery has lots of cookies to sell and the demand is low, how does it affect the price?
The price will be low
I am a resource that comes from nature.
Natural resource
This person makes things that people can buy.
A producer
Used to run government departments like: transportation, health, waste, recreation.
Pays for things like: libraries, public schools and parks
Taxes
We can spend it, save it, earn it or invest it.
What is this called?
Money
The quantity of a good or service that consumers are willing to buy.
(How popular the item is could affect this)
Demand
I am a person who does the work.
What type of resource am I?
Human resource
A person who buys (and uses) a good or service.
A consumer
People who earn money from a job pay this type of tax.
Income tax
You can either play a video game OR do your homework before dinner.
What is the limited resource in this situation?
Time
This is affected by the relationship between supply and demand.
Clue: It will go up, if the item is in high demand.
The price
I am the money, machines, tools or other things needed to start/run a business.
Capital Resources
I am a delivery driver who delivers milk for a dairy farm.
What am I providing to consumers?
A service
When you buy something at a store, sometimes you see this type of tax added (at the end).
Sales tax
Shelter, food, water and clothing are basic human...
Needs
If a new video game is very popular and everyone wants to buy it, is the demand low or high?
High
I am the person who starts/organizes and runs my own business.
An Entrepreneur
I am a toy store who sells items to consumers.
What is another name for these "items?"
Goods
When you own a home, or a building, you will be charged this type of tax.
Property tax
Things that people would like to have, but don't necessarily need.
Wants
Imagine a new bakery opens right next to an existing bakery. Is the demand for bake goods going to be high or low at the old bakery?
Low
(Lower demand due to more competition)
It's important to think about what you will gain from a choice and what you will have to give up.
What is this "giving up something" called?
Opportunity Cost
I clean houses, weekly, in exchange for money.
What am I providing the consumer?
A service
Name two things that taxes pay for (locally) in our community.
Do not use something already mentioned.
Acceptable answers:
Fire Department, Police Department, Roads, Bridges, Museums