Econ Systems

What is the definition of ECONOMICS?

• the study of how the brain works and causes human behavior

• the study of how government functions and ways that citizens can participate

• the study of how people make choices to satisfy their wants and needs

What economic factor means that there is NOT ENOUGH of a product available for a buyer?

• capital

• scarcity

• labor

Jim realized that to attend a college that costs $30,000, he would have to sacrifice a lot of time that he spends with his girlfriend in order to get A's and B's. What is Jim's OPPORTUNITY COST?

• Getting A's and B's

• his future job

• time with his girlfriend

A costomer wants to buy a new Tesla. Although the car will be more expensive, it will be more reliable and faster than a less expensive car. Which term describes this economic choice?

• supply

• scarcity

• trade-off

In a market economy, who decides how resources are used and given out?

• the government

• consumers and producers

• tradition

Which best describes the concept of scarcity?

• limited wants and limited resources

• unlimited wants and unlimited resources

• limited wants and unlimited resources

• unlimited wants but limited resources

What are the NATURAL RESOURCES used to make goods and services called?

• LAND

• Human Capital

• LABOR

• Physical Capital

The Starbucks you work at just purchased a new espresso machine. What is the espresso machine considered?

• Land

• Human capital

• Labor

• Physical capital

DaVion just got a new job working in a car shop. His job would be identified as...

• Land

• Physical Capital

• Human Capital

• Labor

Which of these would be encouraged by the government in a command economy?

• Each worker needs to purchase his own personal land

• Production goals and quotas set for the whole country

• Competition between businesses