Unit 1- Part 1 Quiz Review

Economics studies the use of

• resources

• technology

• goods

• services

A study of why people behave the way they do under certain circumstances is

• environmental science

• social science

• psychological science

• biological science

Economics that looks at the "big picture" is called

• microeconomics

• macroeconomics

• behavioral economics

• socioeconomics

Economics that looks at the choices made by individuals and businesses is

• microeconomics

• macroeconomics

• behavioral economics

• socioeconomics

The fundamental problem studied in economics is

• scarcity of resources

• production possibilities

• investment income

• taxes

Scarcity is caused by

• greed

• lack of resources

• supply, demand, and price

• social welfare programs

Shortages are (multiple answers)

• the same thing as scarcity

• not the same thing as scarcity

• a natural phenomenon

• man made

The main problem studied in economics is

• greed

• scarcity

• poverty

• government intervention

Scarcity is a lack of

• money

• resources

• goods

• services

Needs are

• desired but not required for survival

• required for survival

• very expensive

• usually free