Wants & Needs
Jewlery: Want or Need
What is a want?
Babysitting: Good or service
What is a service?
having unlimited human wants in a world of limited needs
What is the basic economic problem? OR What is scarcity?
What is Command economic system?
A group of dolphins is referred to as this
What is a pod?
Vacation: Want or Need
What is a want?
Water bottle: Good or service
What is a good?
Materials used in the production of goods & services
What are economic resources?
Economic system typically utilized in underdeveloped countries
What is a traditional economic system?
Singer of 'Piano Man' and 'Vienna'
Who is Billy Joel?
Essentials required for basic survival and functioning.
What are needs?
Tangible items that can be seen, touched, and used.
What is a good?
The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.
What is scarcity?
Economic system used by the U.S.
What is market economy? OR what is a mixed economy? (or both!)
Name of Michael Jackson's signature dance move
What is the moon walk?
Desires for goods or services that are not essential for survival but enhance quality of life
What are wants?
Intangible actions or activities performed for a benefit or satisfaction.
What is a service?
The value of the next-best option that is forgone when making a decision about how to use resources
What is opportunity cost?
a way a society organizes itself to produce, distribute, and consume goods and services. It decides how resources are used to meet people's needs and wants
What is an economic system?
TV show that features Serena Vanderwoodsen & Blair Waldorf
What is Gossip Girl?
Often influenced by personal preferences, trends, and cultural factors.
Can vary widely between individuals and societies.
Typically non-essential and can be postponed or foregone
What are wants?
Going out to eat at a restaurant: Good or service
What is BOTH?!
Name some trade-offs of attending college vs. going straight into the workforce
**Various answers**
Private ownership of economic resources by individuals, rather than the government
What is capitalism?
Professional sports team that utilizes a yellow fan item called a 'Terrible Towel'
What are the Pittsburgh Steelers?