Economics Review #1

When people wait in line on Black Friday to get a 70" TV, this is an example of

• scarcity
• consumerism
• product marketing
• consumer responsibility

What is the fundamental problem of every society?

• labor costs
• scarcity
• economic interdependence
• market fluctuation

Soil, minerals, air, water, and coal are all examples of

• Fossil fules
• Conservation
• recycling
• natural resources

What term describes the tools and technology used to make a product?

• capital goods
• human capital
• exports
• imports

A person that takes a risk by starting a new business.

• human capital
• capital goods
• entreprenuer
• tariff

iPhone: Goods or Service?

• Goods
• Service

Doctor: Goods or Service?

• Goods
• Service

Waiter: Goods or Service?

• Goods
• Service

Lawn Service: Goods or Service?

• Goods
• Service

Firefighter: Goods or Service?

• Goods
• Service