Econ Unit 1

The difference between the limitless wants of people and the limited number of resources available

• entrepreneurship

• scarcity

• surplus

• demand

The study of how people use scarce resources to satisfy their unlimited wants

• economics

• marketing

• distribution

• pharmaceutics

Economics answers three major questions which one these is not one of them?

• What will be produced?

• How it will be produced?

• For whom it will be produced?

• Why it will be produced?

Which of these are factors of production?

• Land

• Labor

• Capital

• Entrepreneurship

In economics the benefits offered by a good or service are called

• perks

• rewards

• keys

• incentives

The satisfaction that comes from using a good or service and obtaining the incentive

• economizing

• utility

• fulfillment

• incentivizing

Choosing between two options is the individual process of economizing?

• True

• False

Every time you economize and choose one thing over another you are making a

• Choice

• Trade-Off

• Opportunity

• Business Dealing

When you make a tradeoff the thing left behind or that you gave up is called

• leftovers

• 2nd option

• opportunity cost

• item of lesser value

The cost of using one additional unit is called

• summation

• distribution

• marginal cost

• cost-benefit comparison