1.1 Consumer Choice and Demand

(insert word) is the study of how individuals and society choose to allocate scarce resources.

• Demand
• Economics
• Commerce
• Scarcity

A want is something we desire, whereas a need is something that is...

• Needed to for survival
• Required for survival
• Needed

Which of the following is NOT a limited means?

• Time
• Money
• Skills
• Honesty

Strongly held beliefs or opinions are known as...

• Identities
• Religion
• Values

An acronym for the factors that influence values is...

• TIM
• TIME
• PRIM
• PRIME

Scarcity refers to what?

• A situation where demand meets supply
• A situation where demand exceeds supply
• A situation where supply exceeds demand

Wants are things we  need for survival

• True
• False

A cell phone is an example of a need

• True
• False

Needs are required for survival

• True
• False

Water and Shelter are BOTH needs

• True
• False