Economics 9C - What is Economics?

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.

What is profit?

• the money you have left over after you paid your bills

• how many people want your good/service

• the amount of an item you have

• none of these

Economic system where government controls everything.

• Market
• Command
• Mixed
• Free Enterprise

Type of Economy that is half command and half market

• Traditional
• Command
• Market 
• Mixed

Type of economic system where there is no government control.

• Mixed
• Market
• Free Enterprise
• Command

I have a problem with having enough resources. What basic question of economics solves this? 

• What to produce?
• How to produce?
• When to produce? 
• For whom to produce? 

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity

Economics seeks the answer to the basic question of how to deal with ______. 

• money
• hunger
• demand
• scarcity

Which of the following is the factors of prodution

• Scarcity

• Choice

• Opportunity cost

• Natural resources

What is given up when a choice is made

• Scarcity

• choice

• opportunity cost

• resources