Economics Review

__________ is the study of how individuals and groups use limited resources to fulfill unlimited wants and needs.

• Law of scarcity

• Economics

• Lawlessness

• Supply and Demand

While _______ are the essentials of survival (food, water, shelter) ________ are what people would like to have, but they are not necessary for survival.

• wants, needs

• candies, iphones

• needs, wants

• iphones, shoes

This is the fundamental problem of economics. The resources for fulfilling people's wants are limited, although their wants are unlimited. The relationship between unlimited wants with limited resources is _________.

• problematic

• opportunity costs

• scarcity

• scaredy cat

What people give up when they make a choice to have one want satisfied.

• opportunity cost

• cost opportunity

• scarcity

• supply and demand

Earth provides them and people decide how to use them.

• capital resources

• natural resources

• human resources

• socialism

The materials and equipment used to produce goods and services.

• natural resources

• human resources

• capital resources

• hammers

The labor, or human efforts, used to produce goods and services.

• natural resources

• capital resources

• command resources

• human resources

In this type of economy, customs and habits from the past mostly influence how the society addresses the three fundamental questions.

• Command

• Traditional

• Custom

• Market

In this economy, a central authority, usually the government, determines how the society will address the three fundamental economic questions.

• Command

• Traditional

• Resources

• Free Market

In a _________, most economic decisions are made by individual buyers and sellers acting in their own self-interest.

• Command economy

• market economy

• traditional economy

• socialist economy