economics quiz #1

Why do all societies have to make decisions about how resources will be used?

• People are greedy

• There are not enough resources for those who want them

• Resources are too expensive for most people

• Because there is a huge gap between the rich and poor

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

If 5 people want an ice-cream, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 8 people want a stuffed animal, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 2 people want a soccer ball, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 20 people want a soda, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Which of the following in an example of LAND.

• Coal
• Office Building

things purchased by consumers

• goods

• consumer

• producer

• supply

A person who provides a good or service

• producer

• need

• want

• consumer

A person who purchases a good or service

• consumer

• taxes

• supply

• good