Intro to Economics

All the activities concerned with _____________ and _____________ are economic activities.

• wealth and growth

• scarce means and unlimited wants

• welfare and scarcity

• money and wealth

things purchased by consumers

• goods

• consumer

• producer

• supply

Basic things humans need to survive

• need

• want

• import

• demand

services provided by people

• human resource

• import

• scarcity

• consumer

not having enough

• scarcity

• supply

• human resouce

• taxes

When something given up for something else is called?

• Choice
• Capitalism
• Inflation
• Opportunity Cost

What is the definition of economics?

• The study of human behavior and attitudes
• The study of past events and the impact they have had on people
• The study of political and social interactions
• The study of the production and distribution of goods and services

One of the important parts of economics is interdependence. Which of the following is an example of interdependence?

• People make their own clothing.
• People often move to places that aren't as crowded.
• People need goods and services provided by other people.
• People grow their own food.

What is the definition of a good?

• anything that can be produced or grown

• something that someone does for someone else in exchange for money

• something you like

• an expert in something

What is the definition of a service?

• anything that can be produced or grown

• something that someone does for someone else in exchange for money

• something you like

• an expert in something