Econ Intro Terms #2

Economics is...

• studying goods, services, and how people can get them.
• studying trees, bushes, and other plants.
• studying animals and wildlife.
• studying food, and how food is made.

Which of these is a good?

• Librarian
• Teacher
• Computer
• Mechanic

Which of these provides a service?

• Pumpkins
• Mailman
• Turtles
• Cars

The people who buy goods and services are called...

• producers
• consumers
• banker
• traders

A shortage of a resource is considered...

• Scarcity
• Surplus
• Profits
• Income

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

Which choice best describes the economic problem of scarcity in the world?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

These productive resources are goods made to produce for goods and provide more services.

• Natural Resources

• Human Resources

• Capital Resources

Man-made resources used in the production process i.e. machines in a factory.

• Labour
• Capital
• Household
• Revenue 

Utility is the

• benefit or satisfaction that a person gets from the consumption of a good or service. How useful something is.

• measure of how useful a resource is in the production process
• measure of productivity associated with a good or service
• economic term for consumption possibilities