Unit 3 - Economics What do you know now?
Find definitions for the following terms using your textbook. Then provide an example for each. Economics Opportunity cost Scarcity Needs Wants Supply Demand Producer Consumer Market Consignment Resources Hidden market Substitution effect Key terms (pgs. 139-152)
Questions • Answer the following in complete sentences using as much detail as you can. a. Name four things you know about economics. b. How does economics relate to your life? How does it affect your family? c. What role do you play in the economy? What role does your family play? d. How does the economy affect your neighbourhood?