What were some of the hard choices you had to make yesterday? (Who lives and Who Dies)

MOVIE QUIZ 1.) List 3 Ways Roman society was violent. 2.) Why did the Emperor sponsor the Gladiators? 3.) List 3 elements of the Roman Water system. 4.) Why was Julius Ceasar Killed?

Economics Vocab

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Scarcity Unlimited Wants- Things that people desire Limited Resources- There is not enough to give everyone everything Scarcity- when wants exceed resources

Opportunity Cost The cost of an alternative that must be forgone in order to pursue a certain action. V2t4

Supply and Demand the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price. u7o

Types of resources Human Resources- Skills that people have and the labor they perform. Natural Resources- Resources acquired from the earth. Capital Resources- Things that make work easier such as equipment, inventory and factory, that are man-made

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Good vs Service A good is something that you can use or consume, like food or CDs or books or a car or clothes. You buy a good with the idea that you will use it, either just once or over and over again. A service is something that someone does for you, like give you a haircut or fix you dinner or even teach you social studies. You don't really get something solid, like a book or a CD, but you do get something that you need.

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Barter vs. Money Barter is a system of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. Y0J8