Warm Up 10/12

1. What is the difference between NEEDS and WANTS?_______________________________________________________________________

2. 4 things you NEED 4 things you WANT• • • •

Warm Up 10/121. What is the difference between NEEDS and WANTS?

A need is something you must have to survive. A want is something that you would like to have , but don’t need.

2. 4 things you NEED 4 things you WANT• food• water• air• housing• clothing

Warm Up 10 /131. ____________________________________ is

how much of a product is available.2. _______________________________ is how

much of a product is wanted by consumers.3. Scarcity means there are ________________ resources.4. Give 3 examples of scarcity in your life.1) 2) 3)

Warm Up 10 /131. Supply is how much of a product is available.2. Demand is how much of a product is wanted

by consumers.3. Scarcity means there are limited resources.4. Give 3 examples of scarcity in your life.1) time2) money3) locker /backpack space

Warm Up 10/14

1.Because of scarcity _____________________ must be made.

2. What are the 3 economic questions?1) 2) 3)

Warm Up 10/14

1.Because of scarcity choices must be made.2. What are the 3 economic questions?1) What to produce?2) How to produce?3) For whom to produce?

Warm Up 10/17 What are the 4 factors of production? Give an

example of each one.1. 2. 3. 4.

Warm Up 10/17

What are the 4 factors of production? Give an example of each one.

1. Natural Resources - trees, water, minerals2. Human Resources – workers, education3. Capital Resources – tools, equipment4. Entrepreneurship – ideas, risks

Warm Up 10/18

• Label each item with 1 of the following types of resources: Natural resource, Human resource, Capital resource

CoalNurseComputer softwarePencilsTop soil18-wheel truckMail delivery

Warm Up 10/18

• Label each item with 1 of the following types of resources: Natural resource, Human resource, Capital resource

Coal Natural ResourceNurse Human ResourceComputer software Capital ResourcePencils Capital ResourceTop soil Natural Resource18-wheel truck Capital ResourceMail delivery Human Resource

Warm Up 10/19

• 1. A consumer good that is not depleted or consumed by use is called a ______________.

• 2.Identify the good as durable or non-durable.Chewing gumDishesCookiesBicyclesPencilT-shirts

Warm Up 10/19

• 1. A consumer good that is not depleted or consumed by use is called a ______________.

• 2.Identify the good as durable or non-durable.Chewing gum NDDishes DCookies NDBicycles DPencil NDT-shirts ?

Warm Up 10/20

1. _________ __________ is choosing one good /service over another.

2. ______________ is a factor that encourages people to act in a certain way.

3. The (#2) for producers is to _______ $.4. The (#2) for consumers is to _______ $.

Warm Up 10/20

1. Opportunity cost is choosing one good /service over another.

2. Incentive is a factor that encourages people to act in a certain way.

3. The incentive for producers is to MAKE $.4. The incentive for consumers is to SAVE $.