Economics -Unit 1 Test Review

Front

The definition of Scarcity is...

Back

A limited amount of resources to meet unlimited wants and needs.

Front

What is a need?

Back

Something you must have to live

Front

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

Back

True

Front

Which of the following is an example of LAND: Coal, Office Building?

Back

Coal

Front

House: Goods or Service?

Back

Goods

Front

According to an economist, which of the following would be considered "scarce"? A teacher, A worker at McDonalds, A youth baseball coach

Back

An Astronaut

Front

What is the fundamental problem of economics? Options: How to keep consumers out of debt?, How to fulfill our unlimited wants and needs with limited resources?, How to figure out the way to make the most money?, How do we ensure all people get a college education?

Back

How to fulfill our unlimited wants and needs with limited resources?

Front

things purchased by consumers

Back

goods

Front

A person who provides a good or service

Back

producer

Front

A person who purchases a good or service

Back

consumer