Semester 1 Economics 7th Hr

Food, clothing, and shelter are examples of

• wants

• needs

• incentives

What occurs when we lack the resources to produce the things we want?

• wants

• needs

• scarcity

Economics is sometimes called the science of

• decision making

• supply and demand

• wants and needs

The ____cost is what you cannot buy or do when choosing to do one thing rather than another.

• incentive

• rational

• opportunity

____costs are expenses that increase as production grows.

• fixed

• variable

• total

The added cost of producing one additional unit is the _____cost

• marginal

• variable

• fixed

In a ______system, private citizens own most, if not all, of the means of production

• market

• capitalist

• socialist

____ are rewards offered to try to get people to take certain economic actions.

• profits

• trades

• incentives

What is the study of how we make decisions in a world where resources are limited?

• capitalism

• economics

• personal finance

_____are things we would like to have to make life more comfortable.

• wants

• needs

• incentives