Econ Basics

The study of how people use their limited resources to meet their unlimited wants and needs is the study of

• Economics

• Economy

• Scarcity

• Capital

In economics, the main problem is the lack of resources or the constant need of more resources. This is know as,

• Economics

• Economy

• Scarcity

• Economic Transfers

Individuals can make small choices in their every day lives, leading to a study of economics know as

• Microeconomics

• Macroeconomics

• Economic Flow

• All of the above

You entire life you (personally) will always be a __________ and must deal with the issue of __________.

• Producer: economic flow

• Consumer; Scarcity

• Laborer; Scarcity

• Distributor: economic flow

Opportunity Cost is best defined as

• the value of the next best alternative that is given up due to the choice you made 
• The price you pay to purchase something 
• The benefit you gain by making a decision 
• The amount of debt you take on by making a decision 

Which of the following is a need?

• clothes
• car
• job
• smart phone

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money
• by making choices
• by stealing
• by setting a budget

Soil, minerals, air, water, and coal are all examples of which factor of production? 

• entrepreneurship
• capital
• labor
• land

Any resources that are made by humans and used to create other goods and services are called

• Services
• Production
• Capital
• Labor

ALL THE ALTERNATIVES we give up whenever we make a choice

• Labor
• Deductions
• Trade Offs
• opportunity cost