Needs & Wants
What is the definition of a "want" in economics?
What is something you don't need to survive, but it may be something you enjoy having like a cellphone, laptop, skateboard, etc.?
What is the word that means the quantity of a good or service that producers have available?
What is supply?
What is the study of how people use resources to meet their needs and wants?
What is economics?
Name the three types of resources in economics.
What are natural, human and capital resources?
What is the definition of a "need" in economics?
A want in economics is something you need to survive, like water, food, shelter. These should be prioritized over the wants.
What words means the number of consumers that are wanting to buy a good or service?
What is demand?
What is the word for a person or a group of people who buy and use goods and services?
What is a consumer?
Name 2 types of natural resources?
Answers will vary, but can include examples such as wood, lumber, soil, plants, water, etc.
Answers will vary, but should include food, water, shelter, clothes, shoes, etc.
If a good or service is in low demand, but there is a large supply, how will that affect the price?
The price will decrease due to the low demand and high supply.
What is the person or company called that makes and sells goods or provides services?
What is a producer?
Name a type of human resource you might find at a grocery store.
Answers will vary, but can include cashier, person who stocks shelves, delivery driver, deli worker, baker, etc.
Give 3 examples of wants.
Answers will vary.
If a good or service is in high demand, but there is a low supply, how will that affect the price?
The price will increase due to the high demand and low supply.
What is the extra money called you earn for saving or loaning money, or the extra money you pay for borrowing money?
What is interest?
Name two capital resources you would find at a restaurant.
Answers will vary, but could include ovens, silverware, grills, etc.
Give one example of a service that is a want and one example of a service that is a need.
Want: going to a concert, movies, fancy restaurant, sporting events, etc.
Need: doctors, nurses, plumber, police officer, firefighter, etc.
If scarcity is affecting the amount of resources available to produce a good or service, how will that affect the price?
The price will increase as the producer won't have enough resources to keep up with the demand.
What is it called when there isn't enough resources or products that everyone wants?
What is scarcity?
Name one example of a nonrenewable and one example of a renewable resources.
Possible answers for nonrenewable - fossil fuels, oil, coal, natural gas, etc.
Possible answers for renewable - water, trees, wind energy, solar energy, soil, etc.