• 1: In a short paragraph, examine what the term economics actually is. In your description, be sure to relate why scarcity exists, how society gets resources, and how people make decisions on how to use their resources.

  2. Create a sample decision that someone would have to make in their lives. It can be monetary or non- monetary but one choice must have a marginal benefit. Once you describe the situation, pick which choice the person will like. Explain why the person made that decision by using the terms trade-off and opportunity cost in the correct context.

  
  

  3. In a short paragraph, pretend like you are going out for the day with the intentions of spending money. What will you buy? Choose at least one good and one service and be sure to state whether it is a good or service in your paragraph. Then, justify your purchasing the good by telling whether it was a need or a want.