Personal Finance Evaluation 1

the work a person does

• labor
• income
• salary
• resources

The best definition of a need is...

• something essential for life that you must have to survive

• something not essential for life that you do not have to have to survive

In Economics, Trade-off and Opportunity Cost mean the same thing.

• True!

• False!

What should be the most important factor considered when you make a decision?

• the Trade-offs

• the Opportunity Cost

• the lost opportunities

• the opinions of others

Because of scarcity, people are forced to make _________ about how to use resources.

• Choices

• Opportunities

• Analyses

• Investments

What is the most basic problem of economics?

• scarcity

• productivity

• money

• resources

What name is given to the value of the next best alternative that you give up when you make a decision?

• Trade-offs

• Opportunity cost

• Lost opportunities

• Options

what is the term for giving up goods to obtain another?

• trade-offs

• opportunity costs

Our wants are always greater than our resources.

• True

• False

Having a short supply or not enough of something is:

• supply

• demand

• scarcity

• trade-off