Econ Unit 1

What is the economic definition for scarcity?

• the state of being in short supply

• being in short supply

• unlimited wants and limited resources.

• a shortage

You must realize with scarcity that

• You cannot have whatever you want

• You have to have more resources if you want to have anything you want.

• You do not know what it is that you want

• You may want it but you can't have it.

What is the concept of TINSTAAFL?

• There is nothing greater than what you have right now.

• There is never a greener lawn than your neighbor's.

• There is nobody that loves you more than your mother.

• There is no such thing as a free lunch.

What is the "Paradox of Value"?

• When water is the best thing you could ever drink in your life.

• When water's value far exceeds diamonds.

• When diamonds are in low demand.

• When water would be great but you do not have any.

What is free?

• A free pizza.

• A day off.

• Meals made by your mom.

• Nothing.

What is an opportunity cost?

• You go to the store and buy a candy bar and enjoy it while you go back home.

• Your team is playing and you have a ticket but your BFF wants you to go swimming so you go swimming.

• You have a coupon for a free pizza when you purchase one and you left your coupon at home.

• Your dog has puppies and your mom said you could have one but your dad won't let you have one.

What is utility in economic terms?

• scarcity

• satisfaction

• value

• electric

What is human production? (as in Factors of production)

• land

• labor

• capital

• entrepreneur

Animals used in production are considered? (as in Factors of Production)

• land

• labor

• capital

• entrepreneur

Where do the resources for production come from? (as in Factors of Production)

• land

• labor

• capital

• entrepreneur