The study of how we satisfy our wants and needs with the limited resources we have.
What is Economics.
100
An economic principle that describes a consumer's desire, willingness and ability to pay a price for a specific good or service
What is Demand.
100
Brick, sheep, lumber and rock.
What is an example of an Economic Resource.
100
The observation that no resource is infinite.
What is Scarcity?
200
Our basic needs to survive, food, clothes and shelter.
What is Needs
200
The effort that an individual person puts into making a good or service.
What is Labor.
200
When supply is greater than demand.
What is Surplus.
200
Trading _____ for _____.
What is an example of trade.
200
Whatever must be given up to obtain some item.
What is Opportunity Cost?
300
An MP3 player is an example of this.
What is a want?
300
Anything that is used to produce other goods and services. Such as machines to make the metal that is used in cars.
What is Capital
300
When demand for goods is greater than the supply.
What is Shortage.
300
Players are limited to 2 settlements to start the game, therefore they may not be able to attain all of their desired resources.
What is scarcity?
300
The study of individual economic units such as households and firms.
What is Micro-Economics?
400
Buying food is an example of this.
What is a need?
400
The people in an economy that purchase goods and services.
What is a Consumer.
400
Producing roads, settlements and cities by using your limited resources available.
What is an example of production.
400
The study of the economy as a whole (e.g., a country, inflation, unemployment).
What is Macro-Economics?
500
The study of how we satisfy our wants and needs with the limited resources we have.
What is Economics.
500
The total spending, by individuals or a nation, on consumer goods during a given period.
What is Consumption.
500
As the price of a product increases, a lower quantity will be demanded; likewise, as the price of a product decreases, a higher quantity will be demanded.
What is the Law of Demand.
500
Answers will vary.
What is an example of Opportunity Cost?
500
National Association of Securities Dealers Automated Quotations.