Econ Final

Scarcity

• The idea that there are unlimited wants and limited resources

• Using resources to the greatest possible extent

• The idea that there are unlimited resources and limited wants

• The idea that there are unlimited factors of production and limited wants

When something given up for something else is called?

• Choice
• Capitalism
• Inflation
• Opportunity Cost

What economy is where the government has total control of the economy. Businesses are not privately owned.

• Command
• Traditional
• Mixed
• Market

What is the definition of economics?

• The study of human behavior and attitudes
• The study of past events and the impact they have had on people
• The study of political and social interactions
• The study of the production and distribution of goods and services

What is the difference between a shortage and scarcity?

• A shortage is temporary but scarcity always exists

• A shortage results from rising prices; scarcity results from falling prices

• A shortage is lack of all goods and services; scarcity concerns a single item

• There is no real difference between a shortage and scarcity

Oil, water, and wood are examples of ______________ resources.

• Land

• Labor

• Capital

• Entrepreneurship

Oprah Winfrey, Guy Fieri, and Steve Jobs are examples of ______________ resources.

• Land

• Labor

• Capital

• Entrepreneurship

Hammers, pencils, and computers are examples of ______________ .

• Land

• Labor

• Capital

• Entrepreneurship

Teachers, construction workers, and mechanics are examples of ______________ .

• Land

• Labor

• Capital

• Entrepreneurship

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.