Economics Test

Front

Label the red area.

Back

Unemployment

Front

___________________ is the inability to satisfy all wants at the same time.

Back

Scarcity

Front

_________________ is selection of an item or action from a set of possible alternatives.

Back

Choice

Front

_______________ ______________is what is given up when a choice is made (the second best alternative).

Back

Opportunity cost

Front

The interaction of ______________ and ___________ determines price?

Back

Supply and Demand

Front

What do economists mean by the term "scarcity"?

Back

Having too few or too little of resources

Front

Which choice best describes the economic problem of scarcity in the world? Options: People have limited wants there is an unlimited amount of resources., People have unlimited wants but there is a limited amount of resources, People have no wants so resources don't matter

Back

People have unlimited wants but there is a limited amount of resources

Front

Which of the following are examples of goods? Apples, Computers, Clothing; Firemen, Police Officers, Soldiers; Health, Love, Friendship

Back

Apples, Computers, Clothing

Front

Which of the following are examples of services?
Options: Apples, Computers, Clothing, Firemen, Police Officers, Soldiers, Health, Love, Friendship

Back

Firemen, Police Officers, Soldiers

Front

The amount of a good or service that consumers are willing and able to buy at a certain price is called...

Back

Demand