Economics Unit 1 Review

Front

What is the difference between a shortage and scarcity?

Back

A shortage is temporary but scarcity always exists

Front

Economics is the study of how people seek to satisfy their needs and wants by making choices.

Back

True

Front

Individuals who come up with a new idea for a good or service, then they make it a reality

Back

entrepreneur

Front

The idea that resources are limited; we don't have an unlimited supply of what we want

Back

scarcity

Front

Which of the following is a need? Options: Ice cream, Houses, Basketballs, Candy!!! (I want candy)

Back

Houses

Front

What is the fundamental problem of every society?

Back

scarcity

Front

What are the 3 economic questions?

Back

What to produce? How To Produce? For whom to produce?

Front

Economics is...

Back

studying goods, services, and how people can get them.

Front

The study of economics is primarily concerned with:

Back

choices/decisions that are made due to lack of resources

Front

Gross National Product (GNP)

Back

all of the goods and services produced annually in a nation OR the market value of goods and services by all citizens of a country- both domestically and abroad