Econ Intro Quizzer

The economic concept of Scarcity can best be defined as

• I have everything I need

• Unlimited wants and limited resources causes us to make choices

• Giving up something to get another of something

• I have no clue, this class is going to be hard

The exchange of one benefit for another

• variable

• scarcity

• tradeoff

• marginal benefit

something that motivates a person to take a particular course of action

• Incentive

• Fear

• Pressure

• Guilt

The four factors of production

• land, labor, capitol, entrepreneurship

• people, places, money, buildings

• technology, natural resources, people, ideas

• tools, time, people, money

Any place that brings buyers and sellers together such as, Ebay or the mall.

• Store

• Zoo

• Airport

• Market

People’s education, skills/abilities, health, and motivation are all part of _________ capital.

• Physical

• Financial

• Human

• Natural

Which of the following best describes marginal benefit?

• 1. The benefit you get when you sell a good or service 

• 1. The additional expenses or effort you expend when performing on more unit of action

• 1. When scarce productive resources meet the needs of consumers

• 1. The additional benefit you receive from performing one more unit of action

Which of the following lists the three basic economic questions?

• 1. What to produce, How to produce, Why to produce

• What to produce, When to produce, For whom to produce

• 1. When to produce, How to produce, For whom to produce

• What to produce, How to produce, For whom to produce

How are public goods and public assistance programs paid for in the United States?

• 1. Profits earned by corporations 

• 1. Charitable donations

• 1. Tax revenue collected from consumers and producers

• 1. Income earned from the sale of stocks

Which of the following motivates entrepreneurs to take risk?

• Credit score

• Prices

• Profit

• Gross Domestic Product