Economics Semester Review

Front

What is Economics?

Back

The social science of people and choices.

Front

Which is NOT one of the questions economies need to be able to answer? Options: What product/service should we provide?, How should the product/service be produced?, Who should the product/service be produced for?, When should the product/service be produced?

Back

When should the product/service be produced?

Front

When supply is high and demand is low, you have a

Back

Surplus

Front

When supply is low and demand is high, you have a

Back

Scarcity

Front

What is the value of the next best alternative when one option is chosen over another?

Back

Opportunity Cost

Front

What is Economics?

Back

The study of how people, when faced with scarcity, make rational self-interest choices in using limited resources to satisfy wants and needs

Front

What is scarcity?

Back

The problem of having limited resources with unlimited wants and needs

Front

Which of the following is NOT one of the three functions of money?
Options:
Unit of accounting,
Store of value,
Medium of exchange

Back

Indicator of debt

Front

How is money being used when you save your pocket money to buy a skateboard?

Back

As store of value

Front

How is money being used when you compare the value of different products?

Back

Unit of accounting