Econ S2 Midterm Assessment Review

Something we desire but that is not necessary for survival

• Want

• Need

• Good

• Service

Something essential for survival

• Want

• Need

• Good

• Service

Physical objects that someone produces

• Want

• Need

• Good

• Service

An action or activity that one person performs for another

• Want

• Need

• Good

• Service

The fact that there are limited amounts of goods and services to meet unlimited wants is called:

• Scarcity

• Shortage

• Surplus

• Economics

Economics is the study of how people seek to satisfy their needs and wants by making choices

• True

• False

Economics is the study of how society manages its

• limited wants and unlimited resources

• unlimited wants and unlimited resources

• limited wants and limited resources

• unlimited wants and limited resources

What type of economy involves a powerful government which owns all the "means of production" and makes all decisions regarding society's resources.

• Traditional Economy

• Market Economy

• Command Economy

In which economic system is some property owned by the government and some is owned by individuals?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Answer explanation

In which economic system do children already know what they'll be when they grow up because they will be trained to do what their parents and grandparents have done?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy