Quiz 1 Economics

What best describes a want?

• An unnecessary object, not needed to live.

• A commodity that fulfills a desire

• An expensive object

• A derived need

When economists say that resources are scarce, it means that they are what?

• Limited

• Lacking

• Overflowing

• Rare

Allocation and scarcity is a problem because people have unlimited ____________.

• problems

• wants and needs

• resources

• desires

Economics is the study of ______________

• Money

• How to get rich

• Consequences and Punishments

• Choices

Hammers, pencils, and computers are examples of ______________ .

• Land

• Labor

• Capital

• Entrepreneurship

Teachers, construction workers, and mechanics are examples of ______________ .

• Land

• Labor

• Capital

• Entrepreneurship

Our resources are limited and our wants are unlimited is _______________________.

• Scarcity

• Opportunity Cost

• Capital

• Entrepreneurship

Gold is considered two types of resources. What TWO types of resources is Gold considered?

• Labor

• Entrepreneurship

• Land

• Capital

Economics is the study of how people use ______________ to meet their wants and needs.

• taxes

• surroundings

• resources

Our three basic needs include...

• entertainment, clothing, and technology.

• food/water, clothing, and technology.

• food/water, clothing, and shelter.