Economics Review

The study of people & how they spend their money is called:

• economics

• ergonomics

• eco-friendly

• eggo waffles

Items that are necessary for survival are called:

• needs

• wants

• scarcity

• opportunity cost

Items we'd like to have but are not necessary for survival are called:

• needs

• wants

• scarcity

• opportunity cost

The way that we satisfy our needs & wants are with the purchase of: (select all that apply)

• goods

• services

• bottled water

• iPhones

A good is best defined as:

• a tangible item we can consume or use

• paying for work performed

• anything that has mass and takes up space

• a haircut or lawn service

A service is best defined as:

• paying for work performed

• a tangible item we can consume or use

• anything that has mass and takes up space

• a candy bar, shoes, or a steak

Which of these is NOT an example of a good?

• dentistry

• an iPhone

• a Snickers bar

• a plate of spaghetti

Which of these is NOT an example of a service?

• a plate of spaghetti

• an airplane ride

• a haircut

• an education

The trouble of stretching our limited resources to satisfy as many of our unlimited wants and needs as possible is the concept of:

• scarcity

• opportunity cost

• trade-off

• traditional economic system

The value of the option you didn't choose is your:

• trade-off

• scarcity

• opportunity cost

• traditional economic system