Task
Your favorite musician, Justin Bieber, is giving a concert in town, and you really want to go! The tickets are expensive though, and there are so many things you could do with that money. You could buy a concert ticket or...
- Use the money to see five movies.
- Use the money to buy the band's new CD plus a pair of jeans
- Save the money for your vacation
The choice you make is rooted in economics. At its core, economics is the study of how people choose to use their limited resources. In this web quest you'll read more about the tools that economics offers to help you make decisions as a consumer, seller, worker, and citizen.
Be sure to read everything! Don't skip around. Action items are in red. You may type your responses and save them to your shared drive, or you may choose to complete this activity on loose-leaf. While you may ask a partner for help, each person is responsible for submitting their own, individual work.
Objectives:
- Explain why scarcity and choice are basic problems of economics.
- Identify land, labor, and capital as three factors of production, and identify two types of capital.
- Explain the role of entrepreneurs.
- Explain why economists say all resources are scarce.