Unit 7 Test review pt 1

What are things that people make or use to satisfy needs and wants?

• Goods

• Barter

• Services

• Consumers

Workers in a factory are __________ resources?

• Capital

• Consumer

• Natural

• Human

Which picture shows a person producing a good?

• 
• 
• 
• 

Lauren went to the store with $20. She had the choice to buy a new sweatshirt or a video game. Lauren purchased the sweatshirt. The video game is her:

• Interdependence

• Opportunity Cost

• Specialization

• Economic Choice

What is the best definition of scarcity?

• Scarcity is an abundance of resources

• Scarcity is when resources go bad

• Scarcity is a limited amount of resources

• Scarcity is when someone is scared of their resources

Doctors, teachers, and mail carriers all provide...

• Ideas

• Products

• Goods

• Services

Ethan would like to spend his allowance on either a football or a new toy truck. He decides to buy the football. What is the opportunity cost?

• Football

• Video game

• Ethan

• Toy truck

Demand is best defined as...

• The amount of a good that society is willing to buy at a given price

• The amount of a good that firms are willing to sell at a given price

• The amount of a good that individuals would like to buy if they could

• The amount of a good that firms like to produce if they could

The amount of water a store has on the shelf is an example of what...

• Scarcity

• Supply

• Demand

• Producer

Having a limited amount of oil to drill for in the earth is an example of...

• Scarcity

• Supply

• Demand

• Producer