civics / economics

a basic requirement for survival

• want 
• need
• good 
• services

what is the basic economic problem that makes choices necessary?

• economics
• need 
• scarcity
• consumer

the simplified representations of the real world to explain how economy works

• economic models
• economists
• graphs
• data

the basic things required for survival is referred to as the and the enormous number of things we want to have are termed as 

• wants/needs
• luxuries/wants
• needs/ wants
• none of them

the alternate that you face if you decided to do one thing rather than another is called as

• marginal benefit
• marginal cost
• opportunity cost
• trade off

the extra cost of producing one additional unit of output is called

• variable cost
• marginal cost
• marginal benefit
• all of the above

the term of market economy in which the productive resources are privately owned

• capitalism
• mixed economy 
• command economy 
• none of them

Which are the things that help people in a market economy to make decisions?

• supply and demand
• demand and price 
• price and supply 
• demand , price and supply

a reward offered to try to persuade people to take certain economic actions

• choice
• incentives
• rational choice
• need

what are the three basic economic questions?

• what ,  how and for whom to produce
• What to supply, for whom to supply  n how much is needed
• both 1 and 2 
• none of the above