Economics Unit 1 Test Review

What are NEEDS?

• Things that are necessary for survival

• Things that would be nice to have, but not necessarily needed to survive

• Things that you need to do before leaving your house

• The next best thing when you make a choice.

Which of the following is an example of a WANT?

• Water

• Shelter

• Minimal Amounts of Food

• David Ortiz jersey

Which of the following is an example of a NEED?

• Tyreek Hill jersey

• Gasoline

• A vehicle

• Shelter

What is scarcity?

• Having too much of a resource

• Not having enough of a resource

• Not being able to sustain a resource

• The mark left on skin after a cut

Why is there scarcity?

• Entrepreneurs are scarce and companies need leaders

• Some people are poor while some people are wealthy

• Wants are limited but needs are not

• Resources are limited but wants are unlimited

What is opportunity cost?

• What you choose

• What you give up when you make a choice

• The opportunity you take when you have a job interview

• The opportunity you when you turn down a job

You have to make a choice between playing outside or playing Fortnite with your friends. You choose to go outside. Playing Fortnite is considered your _______________.

• Economic Choice

• Opportunity Cost

• Economic Decision

• Consumer Based Market

What is the opportunity cost in this situation?

Matt spends three hours and $20 at the movies the night before an exam.

• Time spent studying

• The movie

• Gas spent going to the movie theatre

• The $20 to spend on something else

Who determines your opportunity cost?

• Your family members

• Your friends

• You

• Your teachers

Which of the following is an example of a GOOD?

• BANG Energy Drink

• Nail Appointment

• Walmart Cash Register worker

• Oil Change