10 Economics week one

Which of the following is the best definition for economics?

• Mo money mo problems

• The study of how people satisfy their needs and wants

• The study of scarcity and opportunity costs

• The study of money and finance

• None of the above

Which of the following is the best definition for bartering?

• The trading of currency

• The shifting of resources

• The exchange process

• trading one thing for another

• None of the above

Which of the following is the best definition for the term: needs?

• Needs are the things that a person has to have to survive.

• Needs are something you really want at the highest level.

• Needs are things that economics solves

• Needs are the opposite of wants

• None of the above

What is the best definition for the term: wants in economics?

• Wants are the things we want that we trade for.

• Wants are the things we want but are scarce and limited.

• Wants are those things that you would like, but do not need to survive

• Wants are are things like food, water, nice car.

• None of the above

What does this picture best show us?

• A need

• A want

• Beach life

• Excellent stock image selection skills from your humanities teacher

• None of the above

What does this picture best show us?

• A want

• A waste of money for most people

• Donald Trump's toilet

• All of the above

• None of the above

What is the best definition for scarcity?

• A limited amount of resources to meet unlimited wants and needs

• An unlimited amount of resources to meet unlimited wants and needs

• Every want and need is limited

• Every need and want is unlimited

• None of the above

Check each of the following resources that are scarce.

• Water

• Sunlight

• Iron

• Time

• Titanium

Which of the following is NOT a cause of scarcity?

• Personal Perspective: your own feelings of what is needed or wanted.

• Resource scarcity: The law of supply states that everything that has matter must be scarce

• Poor Distribution of Resources: not using your resources to their potential.

• Rapid Increase in Demand: A sudden rush to use resources can cause a shortage.

• None of the above

Check all that are ways in which we deal with scarcity

• Doing without something

• We ignore it

• Creating more resources

• We make more

• Making better use of our resources