Economics Unit 1

To sum up the study of economics, you could say it's all about making ________________.

• Money

• Choices

• Products

• Opportunities

Which term refers to the condition of not having enough resources to satisfy wants?

• scarcity

• opportunity cost

• limitation

• economics

__________ are limited, but ____________ are unlimited

• Wants, resources

• Needs, resources

• Resources, wants

• Resources, needs

Which of the following is an example of a good?

• Haircut

• Uber ride

• Car repair

• Bicycle

Which of the following is an example of a service?

• Book

• Pizza delivery

• Pizza

• Desk

Which of the following terms is a physical object that can be purchased?

• Good

• Service

Which of the following refers to work one person does for another person?

• Good

• Service

Who are people who buy goods and services?

• Consumers

• Producers

Who are people who make or provide goods and services?

• Consumers

• Producers

Which of the following is NOT one of the three basic economic questions caused by scarcity?

• For whom will it be produced?

• Why will it be produced?

• What will be produced?

• How will it be produced?