EXAM Economics LT #1 and #2

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

Why would a business want to spend their money to invent new items?

• They can save money

• They will fix broken items

• They can buy cool goods

• They can make new goods to sell

Tags

CCSS.RI.2.1

CCSS.RI.3.1

CCSS.RL.1.1

CCSS.RL.2.1

CCSS.RL.3.1

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

Which choice best describes the economic problem of scarcity in the world?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

Which of the following is not one of the three basic questions economists try to solve?

• What should be produced?

• How should it be produced?

• Who gets what is produced?

• When should it be produced?

If a resource is scarce

• there is a shortage and unlimited wants in a world of limited resources
• to be extremely rare and expensive

The study of how people make decisions given the resources that are provided to them.

• Economics
• Command Economy

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

Something we use

• resource
• scarcity
• demand
• supply

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur