Economics CE11a,b CE12a

What is consumption?

• That which is given up when a choice is made

• The using of goods and services

• Making of goods and services

• That which determines price

What is the common problem that all countries deal with that refers to "the available resources do NOT always meet the wants & needs of people?

• choice

• trade-offs

• incentives

• scarcity

What term means "what is given up" when a choice is made or the second best choice in economic decision making ?

• choice

• opportunity cost

• scarcity

• incentives

Things that incite or motivate. These are used to change economic behavior

• incentives

• resources

• goods & services

• choice

The combination (or working together) of these two economic terms determine price.

• goods & services

• supply & demand

• opportunity & cost

• factor & production

What do we call products that are tangible?

• natural resources

• choices

• services

• goods

Olivia normally works after school on Mondays and Wednesdays.  Which is her opportunity cost if she adds Tuesday and Thursday afternoons to her work schedule?

• The new clothes she could buy
• The extra money she could earn
• The time she could spend studying
• The additional hours she spends at the job

An economy in which communities use simple tools and methods to harvest and hunt for food often results in little economic growth.
Which type of economy is being defined?

• Command
• Free market
• Mixed
• Traditional

A plastics company cuts costs and gains control of the plastics market in the U.S.
The federal government would investigate this company's practices in order to ______________

• preserve competition
• conserve resources
• protect worker's rights
• safeguard international trade

In this economy, the govt is boss in the private sector and the govt is also dominant in the public sector.

• traditional

• free market

• mixed

• command