Intro Economic Terms

Which of the following is the best definition of economics

• the study of how to satisfy one’s desires at the  lowest possible price.
•  the study of how man makes a living
• the study of how people in groups decide to use scarce resources
• the study of how to satisfy one’s desires at the lowest possible price.

The study of the behavior of individuals and firms in making decisions regarding the allocation of limited resource 

• Economics
• Microeconomics
• Macroeconomics

The study of decision-making of an economy as a whole.  This includes national, regional, and global economies.

• Economics
• Microeconomics
• Macroeconomics

What arises because society’s limited resources can’t produce everyone’s unlimited wants?

• Capital
• Scarcity
• Wealth
• Entrepreneurship

Land, labor, capital & entrepreneurship are 

• Economic Questions
• Factors of Production
• Found only in the USA
• Violations of Capitalism

The entrepreneur represents ...

• an made tools used in production
• those risk-taking individuals who organize  productive resources for production
• natural, non – man made resources used  in production
• the efforts and abilities of skilled humans 

All of the extras not needed for survival, our desires.

• Wants
• Needs
• Resumes
• Bit coins

A person who uses their wealth to help their community.  i.e. a large donation to build a new hospital, is known as a(n) …

• Entrepreneur
• Engineer
• Pediatrist
• Philanthropist

Which of the following is not an example of   capital (a tool)?

• An oven at a bakery
• A cash register at WalMart
• A bulldozer at a construction site 
• A  cellphone on sale at WalMart

A popular model used by economists to   illustrate the concept of alternative choices & opportunity cost is called the

• Entrepreneur Model
• Factors of Production Model
• Guns or Butter Model
• Bread or Land Model