Intro to Economics

What is scarcity? 

• Giving something up to have something else
• Extra cost of production
• The condition that results form having unlimited wants with limited resources
• Rise in general level of prices and workers need more money

Which of the following is NOT a natural resource?

• Oil
• Water
• Car
• Air

Decisions in the economy are based on buyer/seller choices

• Command
• Market
• Mixed
• Traditional

Combines public and private businesses 

• Command
• Market
• Mixed
• Traditional

When all aspects of the economy are determine by a central figure

• Command
• Market
• Mixed
• Traditional

What happens when demand is bigger than supply?

• Deflation
• Surplus
• Demand
• Shortage

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

What happens when supply is bigger than demand?

• Surplus
• Shortage
• Inflation
• Equlibrium

When something given up for something else is called?

• Choice
• Capitalism
• Inflation
• Opportunity Cost

Which of these things is a "need" and not a "want"?

• shoes to keep your feet warm & protected

• a really nice house/apartment to live in

• going to an elite college or prep school

• a smartphone with data/internet access