Intro to Economics Review

The study of how we make decisions in a world in which resources are limited is called...

• Economics

• Microeconomics

• Macroeconomics

• Opportunity Cost

Mrs. Hartley planning a vacation is a...

• Want

• Need

• Trade-Off

• Opportunity Cost

A careful record of all the money you spend and earn is a...

• Expense

• Want

• Need

• Budget

Microeconomics is looking at the economy through the decisions of individuals.

• True

• False

Which formula below gives you a businesses total cost?

• Fixed cost + Marginal cost

• Variable cost + Total cost

• Variable cost + Marginal cost

• Fixed cost + Variable cost

The money you earn is called your...

• Income

• Expenses

• Needs

• Scarcity

____________ occurs whenever we do not have enough resources to produce all the things we would like to have.

• Economic System

• Economics

• Macroeconomics

• Scarcity

Looking at the "big picture" of the economy describes...

• Economics

• Microeconomics

• Macroeconomics

• Trade-Off

Which economic situation is being described below:

You choose to buy a DVD player. By purchasing the DVD player, you are exchanging your money for the right to own it rather than something else that might cost the same amount.

• Opportunity Cost

• Trade-Off

• Budget

• Need

Food and shelter are examples of...

• Wants

• Needs

• Resources

• Income