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

2. 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 things you WANT
food
water
air
housing
clothing

3. 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.

4. 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

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

6. 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?

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

8. 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

9. 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

10. 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

11. 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

12. 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 ?

13. 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 _______ $.

14. 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 $.