Economic Principles and Systems Review

_____________ is the study of how individuals and groups use limited resources to fulfill unlimited wants and needs.

• Scarcity

• Economics

• Trickle Down

• Equilibrium

The relationship between unlimited wants with limited resources is known as _________________.

• economics

• scarcity

• supply side economics

• supply and demand

What people give up when they make a choice to have one want satisfied.

• Ice Cream

• Scarcity

• Opportunity Cost

• Supply and Demand

There are three types of resources. Name them.

The earth, wind and air are all examples of _________________ resources.

• Natural

• Capital

• Human

• Opportunity

____________ resources are the materials and equipment used to produce good and services.

• Human

• Social

• Capital

• Natural

_____________ resources are the labor, or the human efforts, used to produce goods and services.

• Social

• Societal

• Human

• Capital

Someone who has an idea to produce a good or service.

• Shark Tank

• Entrepreneur

• Idea Guy

• Economist

List the three types of economic systems.

A disadvantage to this type of economic system is that it tends to provide members with few product and service options. Their limited resources often are dependent on the surrounding environment.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy