Intro to Economics: Needs, Wants, Goods, and Services

What is the study of economics?

• Money and how it is created.

• Focuses on choices about buying, selling, using, and distributing resources.

• The government controlling all resources.

• None of the above

The knowledge gained from studying economics will enable us to

• achieve all goals in life.

• become rich.

• make wiser economic decisions and become more financially literate.

• None of the above

A key obstacle which influences, and impacts people’s economic choices is

• unlimited resources.

• the scarcity problem.

• the abundance problem.

• All of the above

The things people need and want are classified into

• goods and services.

• wealth and services.

• services and choices.

• All of the above.

What is a need?

• Anything used to make a good or service.

• Things which are made.

• Things we need to survive.

• None of the above.

______________________ is the ability to understand basic economic concepts including saving, investing, debt.

• Bankruptcy

• Financial literacy

• Money literacy

• None of the above

Things that are made or manufactured . = ______________

• Services

• Goods

• Scarcity

• Wants

Is anything that it used to make a good or service. = ____________

• Scarcity

• Service

• Resource

• Wants

Work performed for another person. = ____________

• Goods

• Services

• Needs

• Wants

Things people may desire to have but are not necessary for survival. = __________________

• Needs

• Scarcity

• Wants

• Resources