Economics Review

Economics is the science of

• Business

• Money

• Choice

• Finance

Rewards and punishments that influence people's actions are called

• Behaviors

• Incentives

• Economics

• Choices

Which of the following is true?

• Economics is all about money

• Economics is about institutions and mathematical models

• Economics is a hard science

• Economics is the science of choice

Tradeoffs are

• giving up something to get something in return

• the benefits you miss out when choosing an alternative

• money exchanged in the stock market

• the profits a business makes in a year

Scarcity is

• an abundance of something

• the fear of missing out

• a shortage of something

• the amount of money in a budget

Opportunity costs are

• the value of the economy

• how much money you owe after attending college

• giving up something to get something else in return

• the benefits you miss out on when choosing one alternative over another

The way goods and services are produced and distributed in a place is called the

• deficit

• economy

• stock market

• gross domestic product

Goods are

• items that can be bought and sold

• help or work provided by others

• the amount of money in the economy

• a family's yearly income

Services are

• items that can be bought or sold

• help or work provided by others

• the amount of money in the economy

• a family's yearly income

The amount of goods and services available to buy is known as

• gross domestic product

• demand

• supply

• the economy