Econ-Review quizizz due March 2

Which is NOT one of the 4 key assumptions of economics?

• society has unlimited wants and limited resources

• due to scarcity, choices must be made and every choice has a cost

• real-life situations can be explained and analyzed through simplified models and graphs

• everyone is selfish

finite

• limited

• unlimited

PPC stands for Production Possibilities Curve

• true

• false

scarcity results from unlimited wants and finite resources.

• True

• False

Economics is the study of _________.

firms are another word for

• individuals

• businesses

• the government

the PPC demonstrates scarcity, trade-offs, and opportunity costs

• true

• false

__________ ________________ provide you the motivation to pursue your preferences.

• your parents

• economic incentives

• your family

these are what you get/gain as a result of a choice

• economic incentives

• rewards

• benefits

the study of small economic units like individuals, firms, and industries

• macroeconomics

• microeconomics