Needs or Wants?
Clothing, food, water, and shelter are all _______.
What is a need?
Which of the following is an example of a good?
cutting grass, getting a haircut, television, or babysitting
What is television?
Joe made a budget to only spend $4.00 on candy a month. He bought $2.00 of candy from Tim and saved the last $2.00 for dinner next month. What was his opportunity cost?
What is $2.00 on candy this month?
What does supply mean?
What how much of something is available?
Scarcity is ....
What is "when there is not enough of something that people want?"
A new bike, a cute puppy, and ice cream are examples of ______.
What is a want?
Which of the following is an example of a service?
lawnmower, getting a haircut, television, or baby bed
What is getting a haircut?
Bill went to the store to purchase apples. He needed three apples for his apple pie. When he got to the store, they only had two apples. The store owner, Jake, said he was sorry but they had no more apples anywhere in the store. Bill decided to buy peaches instead and made a peach pie. What was the opportunity cost of Bill's decision?
What is apple pie?
People's needs and wants are _____, while resources are ______. This is the main problem with scarcity.
What is "unlimited" and "limited?"
Out of these choices, which one is a need? Basketball, Cake, Shoe, or PlayStation?
What is a shoe?
Out of these choices, which one of these is NOT a service? Police Officer, Waitress, Firefighter, Car
What is car?
New game on the Wii comes out for Christmas, the demand will go up or down?
What is UP?
Because of scarcity, we have to make _____.
What are choices?
Explain what a want is.
What is something that a person desires?
A consumer is someone who ______ things.
What is buys a product or consumes a good?
The value of each purchase or choice we make is decided by the .....
What is the missed opportunity cost?
Last years supply of shoes is up while the demand is down. What do you think the price for the shoes would be - expensive or inexpensive?
What is inexpensive?
True or False - Because of the economic problem, people and governments don’t have to make many decisions in how best to deal with the scarcity.
What is False?
Explain what a need is.
What is something that we need to survive?
A producer is someone who ____.
What is makes a product or conducts a service?
Every time we make an economic choice, a ____ and a _____ occur.
What is a benefit and a cost?
There are only a certain amount of watches made and the watches are wanted by loads of people. What would the price be for the watches - low or high?
What is high, the seller know they will get more money for the product?
True or False - We have a limited amount resources but there is an endless amount of needs and wants.
What is True?