On sheet of paper answer these questions.
CHAPTER 1 – What is Economics?
During the
holiday season of 1996, a children's toy appeared on Good Morning America. The
toy, produced by Mattel, had sat on the shelves with very little sales until it
appeared on the show. After the toys appearance, its popularity improved and it
became the most sought after product of the holiday season. Unfortunately,
Mattel did not anticipate the doll’s popularity, only producing 400,000 units,
and were not able provide the product in a timely manner at the store level
(over 1,000,000 were in demand).
1. List the problem that each of the following faced:
A. The
Consumers (You and I)
B. The
Producer (Mattel)
C. The Stores
(Babies R Us)
2. Scarcity – is
the fundamental problem facing who?
3. List three
things that you feel are scarce in your life, what has caused them to become
scarce?
4. What is
Economics?
5. Define Need
a. Provide
three examples
6. Define
Want
a. Provide
three examples
7. List three
questions about scarcity?
No comments:
Post a Comment