Econ Chapter 1: Lesson 1-3 (Review)

The condition that results from society not having enough resources to produce all the things people would like to have.

• opportunity cost

• capital goods

• scarcity

• consumer goods

The study of how people satisfy their unlimited and compelling needs and wants with the careful use of scarce resources.

• Production possibility Curve

• Opportunity Cost

• Scarcity

• Economics

Which one of the examples is not a "want"

• car

• food

• iphone

• christmas lights

Which one is considered to be a "service"

• computer program that you purchase online

• waitress at a restaurant

• manual of a new board game

• new prescription for a medication

Which one is not a type of good

• nondurable goods

• capital goods

• important goods

• consumer goods

The theory created by Adam Smith seek to explain one variable: this variable is

• scarcity

• utility

• value

• price

GDP is measured per country every:

• 8 months

• 20 months

• 10 months

• 12 months

TRUE or FALSE: Our Economy is divided into producers and manufactures.

• TRUE

• FALSE

The chemicals used at Walmart to clean the floor at night is an example of:

• land

• consumer goods

• capital goods

• labor

True or False: According to Smith, the people become the foundation of a societies wealth.

• True

• False