Economics Quiz 1

Aside from the actual monetary / resource cost, what other cost is incurred when decisions are made?

• Chance Expense

• Trade off

• Equivalent Exchange

• Opportunity Cost

The goods or services necessary to sustain life.

• need

• want

• land resource

• labor

What best describes a want?

• An unnecessary object

• A commodity that fulfills a desire

• An expensive object

• A derived need

Oil, water, and wood are examples of ______________ resources.

• Land

• Labor

• Capital

• Entrepreneurship

The productive resources that make up the 4 categories of land, capital, labor, and entrepreneurship.

• factors of production

• capital goods

• consumer goods

• fiscal policy

________________________ are a set of external motivators that help people make choices.

• Interactions

• Opportunity Cost

• Scarcity

• Finite Resources

The alternative people give up when they make choices.

• marginal cost

• trade-off

• marginal benefit

• utility

Opportunity cost is

• Whatever you are giving up to do something.

• The study of production, employment, prices, and policies on a nationwide scale

• The tension caused by infinite wants and finite resources.

• A set of external motivators that help people make choices.

If something is scarce it is

• in short supply

• overstocked

• gone

• in high demand

Oprah Winfrey, Guy Fieri, and Steve Jobs are examples of ______________ resources.

• Land

• Labor

• Capital

• Entrepreneurship