What is Economics--Day 1 2023

What is scarcity? 

• Giving something up to have something else
• Extra cost of production
• The condition that results form having unlimited wants with limited resources
• Rise in general level of prices and workers need more money

Which of the following is NOT a natural resource?

• Oil
• Water
• Car
• Air

Which of the following IS a capital resource?

• Wood
• Computer
• Labor
• Knowledge

What happens when demand is bigger than supply?

• Deflation
• Surplus
• Demand
• Shortage

The gross national product of a country would be studied in:

• Microeconomics

• Macroeconomics

• Business relations

Why someone chooses to buy one product over another is included in the study of ____________.

• Microeconomics

• Macroeconomics

• Business relations

Roads, ports, internet networks, airports are examples of

• human capital

• infrastructure

• land

• labor

Economics can be defined as ________________.

• the science of decision making

• the study of human behavior

• the science of buying and selling

• the study of unlimited resources

Which of the following shows allocation? Select all that apply.

• Budgeting your allowance.

• Spending all your allowance in one day without thinking.

• saving a slice of pizza for your friend who has not yet arrived at the party.

• Deciding how much time to spend playing and studying.

Which of the following is a renewable resource?

• oil

• time

• sun

• coal