Economics

Which of the following is an example of a need?

• Pet

• Computer

• Electricity

• Bed

What are needs?

• Things that make like more comfortable

• Things that you need to function and live

• Things that are nice to have, but not necessary

• All of the above

Which of these best fits the description of a "want" in today's society?

• Healthcare

• Education

• Television and movies

• All of the above

What are wants?

• Wants are the things you need to survive like food, water, and shelter

• Wants are the things you need to function in society like a car, a phone, etc.

• Wants are the things that are nice to have like a big house, a fancy car, or fashionable clothes

• All of the above

What is TRUE about opportunity cost?

• It is the amount of money you spend on something

• Every choice you make in life, big or small, has one

• It means that everything costs money

• All of the above

What is your opportunity cost in each decision you make?

• It is any of the other options you could have chosen

• It is the next best choice that you didn't choose

• It is all of the other choices combined that you didn't choose

• None of the above

Mr. Jennings went shopping for shoes. What was his opportunity cost?

• His opportunity cost was the pair he bought, the Jordan 1's.

• His opportunity cost was his second choice, the Air Force Ones.

• His opportunity cost was his third choice, the Reebok Pump Ups.

• His opportunity cost was both the Air Force Ones and Reebok Pumps.

What are the three basic economic questions?

• What should we produce? Who should we produce for? How should we produce?

• Mixed, Market, and Command Economies

• What should things cost? How much should we supply? How much should we demand?

• Communism, Capitalism, and Socialism

What is scarcity?

• Scarcity is main problem in economics

• How to satisfy unlimited wants and desires with limited resources

• Scarcity forces everyone, from everyday people to governments, to make choices

• All of the above

What is economics?

• Economics is the study of all things money

• Economics is the study of the brain and how we function

• Economics is the study of who we choose to rule over us

• Economics is the study of our choices and why we make them