Economics and Choice

_____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Services

• Producers

• Consumers

________________ are activities that satisfy people’s needs and wants.

• Goods

• Services

• Needs

• Wants

In economics, the value of the next best alternative is called _________.

• Scarcity
• Productivity
• Opprotunity Cost
• Supply and Demand

Resources (a.k.a. the factors of production are)

• Land and Labor
• Land and Capital 
• Entrepreneurship
• Land, Labor, Capital and Entrepreneurship

The people who bring all the factors together to create something are practicing

• Land
• Labor 
• Capital
• Entrepreneurship

The opportunity cost of increasing production from 7 to 9 trucks is

• 1 boat
• 2 boats
• 2 trucks
• 3 boats

The study of economics is primarily concerned with:

• demonstrating that capitalistic economies are superior to socialistic economies. 
• determining the most equitable distribution of society's output.
• keeping private businesses from losing money.
• choices/decisions that are made due to lack of resources

What is the fundamental problem of every society?

• labor costs
• scarcity
• economic interdependence
• market fluctuation

A person who provides a good or service

• producer

• need

• want

• consumer

A person who purchases a good or service

• consumer

• taxes

• supply

• good