Intro to Economics

What is an opportunity cost for a student watching a video in class?

• They are learning something

• The music video they are not watching

• They will get in trouble from their parents if they don't

Economics is the study of.............

• The study of money and how we coose to use it

• The study of resources and who gets what

• the study of people try to meet unlimited wants and needs with scarce resources.

The condition that results from society not having enough resources to produce all the things people need and want.

• Scarcity

• Resources

• Needs

• Wants

A ______________ is what you need to survive, a __________ is something you would like to have but is not necessary to survive

Categories of goods, check all that apply

• durable

• nondurable

• need

• consumer

• want

Economic services are not the same as economic goods.

• true

• false

An economic product are goods and services that are useful, scarce and _________________ to others

• have value

• transferable

• belong

• satisfy

A good that is intended for final use by consumers and individuals is________________

• a capital good

• durable good

• consumer good

• nondurable good

Explain the paradox of value

Adam Smith believed that the wealth of a nation depends on material possessions and the labor and skills of its people. However, the Nation would fail without___________________

• people and their skills

• possessions

• material possessions and labor