Economics Unit 1 Review

Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True

• False

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource

• human resources

• consumer

• entrepreneur

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity

• supply

• demand

• inflation

Which of the following is a need?

• Ice cream

• Houses

• Basketballs

• Candy!!! (I want candy)

Economics is...

• studying goods, services, and how people can get them.

• studying trees, bushes, and other plants.

• studying animals and wildlife.

• studying food, and how food is made.

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

Please complete the following sentence: ____ are people whose efforts and skills go into the production of goods and services.

• Labor

• Markets

• Economics

• Resources

Which is an example of a renewable resource?

• Timber

• Windpower

• Water

• All of the above

If video games are not a need, what are they?

• a wish
• a dream
• a want
• a necessity

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.9-10.2

Human-made materials used to produce goods and services.

• capital

• land

• labor

• entrepreneur