Econ Year to Date Review

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.

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

Which of the following are examples of goods?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which of the following are examples of services?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

This means that the government should not interfere in the marketplace.

• Laissez Faire

• Capitalism

• Communism

• Socialism

The amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

This is another word law that businesses must follow in order to run their operations legally.

• Business Rulez

• Regulation

• Business Matrix

• Demand

Laissez-faire means...

• Hats off
• Hands around
• Hands off
• Hands on

This economic system is based on competition, profits, and self-interest.

• Socialism
• Communism
• Capitalism