Introduction of Economics Quiz

What is economics?

• the study of how people choose to use their unlimited resources to satisfy their unlimited wants.

• the things that can be used in making products or services that people want.

• are desires that people have that can be met by getting a product or service.

What are resources?

• is the study of how people choose to use their unlimited resources to satisfy their unlimited wants.

• all the things that can be used in making products or services that people want.

• desires that people have that can be met by getting a product or service.

What are wants?

• the study of how people choose to use their unlimited resources to satisfy their unlimited wants.

• all the things that can be used in making products or services that people want.

• desires that people have that can be met by getting a product or service.

What are the three types of resources?

• natural resources, labor, and capital

• good, services, and capital

• natural resources, goods, and capital

When does scarcity occur?

• when we have too many goods and services

• whenever the there are too many services and not enough goods.

• whenever we do not have enough resources to produce all of the things we would like to have.

What type of economy does the United States have?

• mixed market economy

• traditional economy

• command economy

What is a mixed market economy?

• individual and businesses own the resources used to produce goods and services.

• a market economy that has elements of command and tradition.

• decide what will produced, for example whether the society will produce machines or consumers goods.

What is a trade-off?

• giving up one alternative good or service for another.

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• getting all the goods and services.

• not picking any of the options

What is revenue?

• is the money a business receives from selling its goods and services.

• cost combine is called total cost.

• is when the amount supplied by producers is greater than the amount demanded by consumers. A surplus tend to cause prices to fall.

What is a surplus?

• when the amount supplied by producers is greater than the amount demanded by consumers. A surplus tend to cause prices to fall.

• money a business receives from selling its goods and services.

• are expenses that do not change no matter how much a business produce.