Intro to Econ

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

Which of these is NOT an example of a need?

• Water

• Food

• Phone

• Shelter

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True
• False

What is the fundamental problem of economics? 

• How to keep consumers out of debt?
• How to fulfill our unlimited wants and needs with limited resources?
• How to figure out the way to make the most money?
• How do we ensure all people get a college education?

things purchased by consumers

• goods

• consumer

• producer

• supply

not having enough

• scarcity

• supply

• human resouce

• taxes

Desires that can be satisfied by consuming a good or service.

• needs

• wants

• satisfaction

• respect

All the alternatives that you give up when you make an economic choice

• Trade off

• opportunity cost

• cost

• marginal cost

The number one option you give up by choosing one option over another.

• opportunity cost

• opportunity benefit

• marbury vs madison

• marginal cost