Economics Review

What is the problem all economies are trying to solve?

• There are limited wants and unlimited resources.
• There are unlimited wants and limited resources. 

What is Economics?

• The social science of people and choices.
• The mathematical science of how the economy works 
• The social science of supply and demand. 
• The mathematical science of people and choices.

Which is NOT one of the questions economies need to be able to answer?

• What product/service should we provide?
• How should the product/service be produced?
• Who should the product/service be produced for?
• When should the product/service be produced?

When supply is high and demand is low, you have a

• Surplus
• Scarcity
• Free Market
• Shortage

When supply is low and demand is high, you have a 

• Scarcity
• Surplus
• Market Economy
• Supply and Demand 

Things that are beyond the producers or consumers control that impact supply & demand are called

• External forces

• Internal change

• Demand shifts

• Voluntary Exchange

Which economic system has no government interference?

• COMMAND ECONOMY

• MARKET ECONOMY

• GOVERNANCE ECONOMY

• MIXED ECONOMY

Any place where buyers and sellers meet to exchange goods and services

What is the value of the next best alternative when one option is chosen over another?

• Command Economy

• Opportunity Cost

• Economic Value

• The Economic Problem

Scarcity means we must make a ______.