Vocabulary Assignment Ch.1 1. A pictoword is a symbolic representation that shows a words meaning. Write the word, its definition, and create a pictoword that shows its meaning for these words: Wants, Needs, goods, services, scarcity, shortage, land resources, labor resources, human capital, physical capital

2. Why is what we want scarce. 3 2. Why is what we want scarce? 3. List three goods in the classroom and two services that exist at school. Explain why these goods and services are scarce.

4. Identify one decision that you made in the Preview (ex-attend the football game). List all the tradeoffs of that decision. In your list, circle your opportunity cost of that decision. Then explain why this is your opportunity cost. 5. Describe an example of a time in your life when you encountered diminishing marginal utility. 6. Describe a time when you had to make a decision by “thinking at the margin.”

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