Economics Test 1

The people who come to a market to buy goods and services.

• Producers

• Consumers

• Economist

• Entrepreneurs

What is scarcity? 

• Having too many resources 
• Not  having enough resources 

The fundamental economic problem is that

• resources are limited and wants are limited.

• resources are unlimited and wants are limited.

• resources are limited and wants are unlimited.

• resources are unlimited and wants are unlimited.

Something you must have to survive is an example of a

• want

• need

Work of labor performed for someone that includes haircuts, home repairs and forms of entertainment is called:

• good

• service

Wants

• desires for things that may or may not be necessities
• desires that can only be obtained by spending money
• are only tangible goods
• are only intangible goods

Economics 

• the study of how to meet unlimted, competing wants with limited resources
• the study of people and how they spend their money
• the study of how people need to budget their money
• the study of how to meet limited wants with limited resources

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

 The difference between a good and a service is that:

• Goods are available in unlimited quantaties and services are not 
• Goods can be carried home and services can not 
• Services are available in unlimited quantaties and goods are not 
• goods help satisfy unlimited wants and services do not

VOCABULARY: The condition that results from a society not having enough resources to produce everyone’s want.

• Scarcity
• Depreciation
• Merger
• Double Taxation