Ch. 1 Quiz - Economics

When society does not have enough resources to produce all the things people would like to have.

• Scarcity 
• Economic Growth
• Paradox of Value
• Want

Something we would like to have but is not necessary for survival. 

• Need
• Want 
• Good 
• Service 

Work or labor performed by someone. 

• Need
• Want 
• Good 
• Service 

What is another name for economic resources?

• Factors of Production
• Figures of Prices
• Factors of Prices
• Natural Resources

What is a truck?

• Human Resource
• Capital Resource
• Natural Resource

What are Human resources

• Farmers

• Factory workers

• store managers

• All of the above

What is the production possibilities curve?

• a graph that shows how much an economy can produce between 2 goods
• how much money something is
• the opportunity one has to give up in order to gain something else
• land, labor, capital, entrepreneurs

The opportunity cost of a good is

• its price in dollars and cents.

• the alternative goods forgone.

• the price of alternative goods foregone.

• none of the other options

What name is given to the most important item you give up when you make a decision?

• Trade-offs

• Opportunity cost

• Lost opportunities

• Options

Definition of Marginal Utility

• the satisfaction from consumption

• to total satisfaction from consuming a product

• the extra satisfaction from the last unit consumed

• the extra consumption from last unit consumed