Basic Economic Concepts review pt 2

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?

Our resources are limited, therefore each production decision society makes, comes at _____________.

• Problem

• Debt

• Advantage

• Opportunity costs

There are many ways to create the things we want and need- but they all require

• food

• animals

• factors of productions

When thinking about "How should Goods and Services Be Produced," we want to make sure we are combing factor resources in the most __________ way?

• Efficient

• Expensive

• Cheap

• Low Quality

How is the "who gets to consume which goods and services?", answered?

• Societies must decide how to make coffee because without coffee everyone would be very tires.

• Societies must decide how to distribute available goods and services, and Distribution is determined by how societies choose to distribute income.

• Societies must decide how to distribute puppies, because puppies are cute and make everyone happy when all else fails.

• Societies must decide how to keep all available goods and services.

What is economics?

• The study of money
• The study of how people choose to use limited resources
• The study of governments and citizens
• The study of the past

What is scarcity?

• The study of how people choose to use limited resources
• The problem of unlimited wants and limited resources
• The problem of limited wants and unlimited resources
• The problem of having too few options

Which of the following are examples of needs

• I-Phone

• Food

• Work

• Crunchwrap Supreme

• Shelter

What is an economic want?

• Things people need in order to survive.

• Things people would like to have.

• Things people don't want anymore.

Something essential for survival

• Want

• Need

• Good

• Service