Winston-Salem/Forsyth County Schools
1828800457200What are needs?What are wants?Fill in the list below with things you want, and things you need:WANTSNEEDSIs there any overlap between the two lists?How do you decide which things to get?Unit 6 – Free Market and the Role of the Government Definition, Economics, the American Economic System1. What is economics? ________________________________________________________________________2. What is the difference between microeconomics and macroeconomics? Microeconomics _____________________________________________Macroeconomics _____________________________________________3. What is an economic system? ________________________________________________________________________4. What is a need? ________________________________________________________5. What is a want? ________________________________________________________6. What does scarcity refer to? ________________________________________________________________________7. What is the difference between scarcity and shortage? __________________________ ________________________________________________________________________ 8. Because of scarcity, economics is often referred to as the ‘science of decision making. Why? __________________________________________________________________ ________________________________________________________________________9. What is a trade off? ________________________________________________________________________10. What is an opportunity cost? ________________________________________________________________________11. What is meant by the factors of production? ________________________________ ________________________________________________________________________12. Identify the four factors of production:Land ____________________________________________________________Labor ___________________________________________________________Capital __________________________________________________________Entrepreneurship _________________________________________________13. What are the basic economic questions?________________________________________________________________________________________________________________________________________________________________________________________________14. What influences how we use our resources?Marginal Benefits _________________________________________________Marginal Costs ___________________________________________________Cost-Benefit Analysis ______________________________________________ ................
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