Economics 1 Review

​Economics Review

Some text here about the topic of discussion

Open Ended

How would you define economics?

​Economics is....

​The study of how society chooses to allocate its scarce resources to the production of goods and services to satisfy unlimited wants

Open Ended

How would you define scarcity?

​Scarcity is....

​meeting the demand of resources with the limited supply

Open Ended

What are some examples of goods?

​Goods are...

​All the objects that people make and use

Open Ended

What are some examples of services?

​Services are...

​Activities that people do for others.

Multiple Choice

Fishing is part of which economic sector?

• Tertiary

• Secondary

• Primary

• Quaternary

Multiple Choice

Banks are part of which economic sector?

• Primary

• Tertiary

• Quarternary

• Secondary

Multiple Choice

In the circular flow of economics, where do we get goods and services from?

• Businesses

• Resource Market

• Product market

• Households / Individuals

Multiple Choice

In the circular flow of economics, who provides the resources

• Businesses

• Resource Market

• Product market

• Households / Individuals

Multiple Choice

A developing country is one that relies on...

• Secondary

• Primary

• Tertiary

• Quaternary

Multiple Choice

Which of the following is a developed country?

• Germany

• China

• Brazil

• South Africa

Multiple Choice

Which of the following is a developing country?

• Thailand

• Laos

• Mexico

• India

Multiple Choice

In the circular flow of economics, households/individuals receive which of the following?

• Rent

• Resources

• Income

• Profit

Multiple Choice

A factory is which of the four factors of production?

• Land

• Labour

• Capital

• Entrepreneurship

Multiple Choice

Which of the following economic sectors is about research and knowledge?

• Primary

• Secondary

• Tertiary

• Quaternary

Multiple Choice

What is GDP?

• Great domestic product

• Gross domestic product

• Gross domestic production

• Good domestic production

Poll

How ready are you for the unit test?

• Give it to me now!

• I feel pretty good about it.

• I think I need to review more.

• No, absolutely not.