Warm Up 10/12 What is the difference between NEEDS and WANTS?_______________________________________________________________________ 4 things you NEED 4 things you WANT

Warm Up 10/12 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. 4 things you NEED 4 things you WANT food water air housing clothing

Warm Up 10 /13 ____________________________________ is how much of a product is available. _______________________________ is how much of a product is wanted by consumers. Scarcity means there are ________________ resources. 4. Give 3 examples of scarcity in your life.

Warm Up 10 /13 Supply is how much of a product is available. Demand is how much of a product is wanted by consumers. Scarcity means there are limited resources. 4. Give 3 examples of scarcity in your life. time money locker /backpack space

Warm Up 10/14 1.Because of scarcity _____________________ must be made. 2. What are the 3 economic questions?

Warm Up 10/14 1.Because of scarcity choices must be made. 2. What are the 3 economic questions? What to produce? How to produce? For whom to produce?

Warm Up 10/17 What are the 4 factors of production? Give an example of each one.

Warm Up 10/17 What are the 4 factors of production? Give an example of each one. Natural Resources - trees, water, minerals Human Resources – workers, education Capital Resources – tools, equipment Entrepreneurship – ideas, risks

Warm Up 10/18 Label each item with 1 of the following types of resources: Natural resource, Human resource, Capital resource Coal Nurse Computer software Pencils Top soil 18-wheel truck Mail delivery

Warm Up 10/18 Label each item with 1 of the following types of resources: Natural resource, Human resource, Capital resource Coal Natural Resource Nurse Human Resource Computer software Capital Resource Pencils Capital Resource Top soil Natural Resource 18-wheel truck Capital Resource Mail 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 gum Dishes Cookies Bicycles Pencil T-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 ND Dishes D Cookies ND Bicycles D Pencil ND T-shirts ?

Warm Up 10/20 _________ __________ is choosing one good /service over another. ______________ is a factor that encourages people to act in a certain way. The (#2) for producers is to _______ $. The (#2) for consumers is to _______ $.

Warm Up 10/20 Opportunity cost is choosing one good /service over another. Incentive is a factor that encourages people to act in a certain way. The incentive for producers is to MAKE $. The incentive for consumers is to SAVE $.