Economics: Final Exam

Which of these BEST defines Economics?

• It's the study of how money works

• It aims to figure out why people make good and bad decisions

• It's the study of how humans make decisions regarding the use of scarce resources

Economists are trying to figure out the effects of the Covid pandemic on the travel industry. This is an example of which branch of economics?

• Macroeconomics

• Microeconomics

Economists are trying to figure out why Facebook and Tik Tok succeeded while MySpace failed. This is an example of which branch of economics?

• Macroeconomics

• Microeconomics

What BEST defines resources in terms of economics?

• The things used to make stuff

• There is only so much stuff in the world

• People need to work to get stuff

AirPods- Need or Want?

• Need

• Want

Food- Need or Want?

• Need

• Want

What BEST defines scarcity in terms of economics?

• There are only so many resources in the world despite the unlimited wants of people

• Some things are more expensive because there's less of them

• Some things scare certain people and need to be avoided

If you stayed up all night before school to watch Tik Tok, what was the cost?

• $$$

• Sleep

• Your brain cells

If you went to the beach with your friends on Sunday instead of going to work to make $250, what was the cost?

• $250

• The money you would have spent at the beach

• A great day (hopefully) with your friends

Which things are physical objects that are capable of being touched?

• Goods

• Services

• Resources