Period Worksheet Basic Economic Concepts 2]
Name ____________________ Period _______ Page # 1. (opinion) Name three things that are scarce in your life. a. ___________________ b. ____________________ c. ____________________ 5 fundamental Economic problem facing all societies is that of ________________. 6 3. A ______ is a Basic requirement for survival & includes _______, ________, & ________. 6 4. A __________ is a way of expressing a need. 6 5. What does TINSTAAFL mean? ______ ___ ___ _____ _______ ____ __ _____ ______ 6 6. The three Basic questions every society must answer in dealing with scarcity are: _________, _______, and ______ ________ to produce. 7 7. The resources required to produce the things we would like to have are called the _______ __ __________ & include _______, _________, __________, & _________. 7 8. Capital goods[ real capital ] include _______, ___________, ___________, & _________. 7 9. Financial capital - ________ used to buy the tools and equipment used in production.
Worksheet – Basic Economic Concepts & 2] LAND LABOR CAPITAL ENTREPRENEUR “Gifts of nature” “Hired Help” “Man-made inputs” (the “boss”) On page 15, there is a circular flow model for exchanges in the U.S. Choose an answer from the right column that goes ...
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