| Scarcity | Needs | Wants | Opportunity Cost |
|---|---|---|---|
|
What is the definition of scarcity?
When you have a short supply of something.
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What is a need?
Something that is necessary for survival.
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What is a want?
something that is not needed. You desire this.
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What is Opportunity Cost?
good things you give up when you make another choice.
|
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what is one thing from class that we talked about that was scarce.
noodles, tree and fresh water.
|
What are needs using examples we discussed in class
food,water, clothes, air, and a bed.
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What are a few examples that were talked about in class that represent a want?
Movies, TV, phones.
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What is the Opportunity cost of choosing vegetables over candy?
Because you choose vegetables you are giving up the sweet goodness of candy.
|
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What did the noodles represent when we used them in class?
each noodle was a tree which was scarce.
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What is a need in your own life?
Things that are necessary for survival.
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What is something in your life that is a want?
Anything that is not needed you desire this.
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define opportunity cost in your own words.
Opportunity cost is explaining what the good things are of something that you did not pick out of two things.
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What do you think is scarce in your life?
Anything that has a short supply.
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Which of the following is an example of a need?
food, iPhone, Netflix, TV.
Food.
|
Which of the following is an example of a want?
Food, Water, iPhone, clothes, shelter.
iPhone.
|
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