Week 4: Quasars' Economics Review

Master economics! Learn about resources, choices, and what we need vs. want.

Match the word to the correct definition. Natural resource Materials that come from nature (Earth) Capital resource Materials that are made by people to produce goods & services Human resource People who work to produce goods & services Read the situations. Determine what each person's economic choice and opportunity cost is for each situation. Situation Economic Choice Opportunity Cost Tate gets to choose between going to the football game or the movie theater. He chose to go to the football game with his friends. football game movie theater Mike has the choice between buying a car or a truck. He chose to buy a truck. truck car Mrs. Carwile gets to choose between purchasing Dr. Pepper or Coke. She chose Coke. Coke Dr. Pepper McKenzi had the choice between buying a new game for her Nintendo Switch or buy her dog some food. She chose to buy her dog some food. dog food new game Sort the items between the categories: human resources, natural resources, and capital resources. Human Resources Teacher Doctor Police Officer Chef Natural Resources Water Corn Pumpkins Sunshine Capital Resources Computer Tractor Barn Pencil Match the correct word to the correct definition. Producer Someone who provides a good or service Consumer Someone who trades for or purchases a good or service Specialization Focusing on producing only one or just a few goods and services Scarcity When resources are limited & there are not many of them available; makes the prices of goods & services go up Match the word to the correct definition. Wants Things that people want, but can live without Needs Things that people cannot live without Economic choice The item that is chosen Opportunity cost The item that is given up Sort the items between needs and wants. Needs Food Shelter Clothes Water Wants A new video game Tickets to see the Hill Cats Four wheeler Sort the items to determine if they are goods or services. Goods Cake TV Notebook Book Basketball Guitar Services Firefighter Mechanic Dentist Cashier Coach Principal