Give an example of a free good.
e.g. rain, sea water, sunshine
How can a free good become an economic good?
When someone spends money on marketing and selling a free good it becomes an economic good. e.g. picking and selling wild flowers.
Is infrastructure a free good or an economic good?
Economic good
What is an economic good?
A good that is scarce and has a price.
True or False: People have limited wants.
False
True or False: The Basic Economic problem is called opportunity cost.
False
What is scarcity?
Unlimited wants + Limited Resources = Scarcity
The new Playstation 5 is out but you haven't got enough money to buy it. What type of scarcity is this?
Relative Scarcity
The tomato crops were damaged due to flooding and now there are no tomatoes to buy. What type of scarcity is this?
Absolute Scarcity
Give an example of relative scarcity.
e.g. I don't have enough money to buy ....
What type of good do you think education is?
Economic good
You can either go fishing or swimming. Which one do you choose? What do we call the other one in Economic terms?
Opportunity Cost
What is your opportunity cost of being in this class?
Answers will vary.
Why do you think we have limited resources?
There are not enough resources to meet our wants. The resources are finite.
Is water from a natural spring, bottled and sold in the shop, and Economic of Free good?
Economic Good
What is a possible opportunity cost of taking a gap year after school?
Answers will vary.
