Economic Basics

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

• Market 
• Tradeoff
• Scarcity 
• Equity 

The highest-valued alternative that must be given up to engage in an activity.

• Scarcity 
• Factors of Production 
• Innovation
• Opportunity Cost 

________________ is the study of how people decide what they want and what they are willing to pay or give in order to get it.

• Economics

• Supply and Demand

• Capitalism

• Personal Finance

Panic At The Disco is on tour! Tickets have almost sold out. Since supply of tickets is low, what will likely happen to the price?

• Decrease

• Increase

• Remain the same

• Tickets will stop selling

Soil, minerals, air, water, and coal are all examples of

• fossil fuels

• conservation

• recycling

• natural resources

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money
• by making choices
• by stealing
• by setting a budget

Is this shelter a want or a need?

• Want
• Need

Which of the following is a market structure with only a single seller of a particular product?

• Oligopoly

• Demand

• Supply

• Monopoly

An entrepreneur is someone 

• Someone who works for a new business
• Someone who starts a new business
• Someone who takes over an existing business
• Someone who does not want to work

The study of behavior of individual households, firms, and governments...

• Microeconomics

• Macroeconomics

• Economics