Unit 1- Economic Reasoning

Economics is the study of:

Which of the following is considered a need by economic standards?

According to economic definitions what word describes something that is desirable but not necessary for survival?

Which of the following is the best example of a trade-off?

Which of the following the best definition of opportunity cost?

Trees and timber would fall under factor of production?

A cash register would be categorized under which factor of production?

Who organizes the factors of production in order to create a business?

A person building a bridge in exchange for wages falls under which factor of production?

When determining the mandatory education levels (high school in the United States), which economic question is being answered?