Intro to Economic Review

The study of how people satisfy their needs and wants

• Economics

• Psychology

• Sociology

• None of the Above

Which one of the these would be a NEED?

• Food

• Water

• Shelter

• All of the Above

Which of these would be an example of a WANT?

• Food

• Shelter

• Xbox

• None of the Above

A limited amount of resources to meet unlimited wants and needs is?

• Need

• Scarcity

• Want

• Economics

Which of these are a cause of Scarcity?

• Personal Perspective

• Poor Distribution of Resources

• Rapid Increase in Demand

• All of the Above

The value of time, money, goods, and services given up in an economic choice is?

• Real Cost

• Opportunity Cost

• Trade Off

• None of the Above

What are the ways we deal with Scarcity?

• Doing without something

• Creating more resources

• Making Better use of our resources

• All of the Above

Which one of these is an example of a Good?

• Teaching

• Fixing

• Cleaning

• Computer

Which of these is an example of Service

• Car

• Teaching

• Computer

• Shoes

A person's knowledge, skills, attitudes, and abilities determine that individual's value is?

• Human Resources

• Natural Resource

• Capital Resource