Economics Unit 1 Quiz

Economics is the study of ______________

• Money

• How to get rich

• Consequences and Punishments

• Choices

Scarcity is

• Whatever you are giving up to do something.

• The study of production, employment, prices, and policies on a nationwide scale

• The tension caused by infinite wants and finite resources.

• A set of external motivators that help people make choices.

Opportunity cost is

• Whatever you are giving up to do something.

• The study of production, employment, prices, and policies on a nationwide scale

• The tension caused by infinite wants and finite resources.

• A set of external motivators that help people make choices.

Incentives are ______________

• A set of external motivators that help people make choices.

• Whatever you are giving up to do something.

• The tension caused by infinite wants and finite resources.

• The study of production, employment, prices, and policies on a nationwide scale

What are the four types of resources? Choose all that apply?

• Land

• Labor

• Capital

• Entrepreneurship.

Oil, water, and wood are examples of ______________ resources.

• Land

• Labor

• Capital

• Entrepreneurship

Oprah Winfrey, Guy Fieri, and Steve Jobs are examples of ______________ resources.

• Land

• Labor

• Capital

• Entrepreneurship

Hammers, pencils, and computers are examples of ______________ .

• Land

• Labor

• Capital

• Entrepreneurship

Teachers, construction workers, and mechanics are examples of ______________ .

• Land

• Labor

• Capital

• Entrepreneurship

Our resources are finite and our wants are infinite is _______________________.

• Scarcity

• Opportunity Cost

• Capital

• Entrepreneurship