Questions Directions: Read each main idea and answer the questions below. Refer to your textbook as you write the answers. A. Main Idea: Societies do not have enough productive resources to satisfy everyone's wants and needs. 1. Explain the difference between a want and a need. 2. What is the difference between a good and a service? What kinds of goods are available? What are some kinds of services? 3. What determines the monetary value of a good or service? Why are some necessities less expensive than unnecessary items? 4. List the four characteristics of the accumulated goods that make up economic wealth. 5. Is anything actually Why or why not? “free”? Questions Directions: Read each main idea and answer the questions below. Refer to your textbook as you write the answers. B. Main Idea: Because resources are scarce, all societies must decide WHAT goods to produce, HOW to produce them, and FOR WHOM they are produced. 6. Who makes the decisions about WHAT goods to produce in North Korea? Who decides in the United States? How can the decisions affect the people living in those 7. factors go into making a decision about HOW to produce the goods? why Japanese producers rely heavily on robots. 8. Why is it difficult to determine FOR WHOM to produce? Questions Read each main idea and answer the questions below. Refer to your textbook as you write the answers. C. Main Idea: Economics is a study—as well as a social science that uses description, analysis, explanation, and prediction—that deals with people's efforts to satisfy wants and needs through management of scarce resources. 9. is gross domestic product and how is it a description of economic activity? 10. How can explanation make it easier to address economic problems in the future?
Questions Directions: Read each main idea and answer the questions below. Refer to your textbook as you write the answers. A. Main Idea: Societies do not have enough productive resources to satisfy everyone's wants and needs. 1. the difference between a want and a need. 2. What is the difference between a good and a service? What kinds of goods are available? What are some kinds of services? 3. What determines the monetary value of a good or service? Why are some necessities less expensive than unnecessary items? 4. List the four characteristics of the accumulated goods that make up economic wealth. 5. Is anything actually “free”? Why or why not? Questions Directions: Read each main idea and answer the questions below. Refer to your textbook as you write the answers. B. Main Idea: Because resources are scarce, all societies must decide WHAT goods to produce, HOW to produce them, and FOR WHOM they are produced. 6. Who makes the decisions about WHAT goods to produce in North Korea? Who decides in the United States? How can the decisions affect the people living in those 7. factors go into making a decision about HOW to produce the goods? Explain why Japanese producers rely heavily on robots. 8. Why is it difficult to determine FOR WHOM to produce? Questions Read each main idea and answer the questions below. Refer to your textbook as you write the answers. C. Main Idea: Economics is a study—as well as a social science that uses description, analysis, explanation, and prediction—that deals with people's efforts to satisfy wants and needs through management of scarce resources. 9. is gross domestic product and how is it a description of economic activity? 10. How can explanation make it easier to address economic problems in the future?