Name____________________
Period____
Basic Economics Concepts
1. What is scarcity?
2. Define economics:
3. Four Factors of Production:
Factor 1:
Factor 2:
Definition:
Definition:
Draw a picture!
Draw a picture!
Factor 3:
Factor 4:
Definition:
Definition:
Draw a picture!
Draw a picture!
4. As you watch the clip from Shark Tank, answer the following:
a. List as many examples of the four factors of production as you can.
b. List at least four qualities Mr. Tod possesses that you think might help him be a
successful entrepreneur.
c. List two qualities that might not help Mr. Tod be successful.
5. Define opportunity cost:
a. Example:
6. Define trade-off:
a. Example:
7. What is a rationing device?
8. How does scarcity lead to competition?
a. Example:
9. What is voluntary exchange?