ECON VOCABULARY QUIZ - CHAPTER 1

Economics is the study of how people choose to use their limited ____________________ to satisfy their unlimited wants.

• Money

• Bitcoin

• Resources

• Coupons

A system used to manage limited resources for the production, distribution, and consumption of goods and services is called a/an ___________.

• country

• disaster

• economy

• nation-state

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

The goal of ___________ Economics is to advise how things ought to be done.

• Normative

• Positive

• Negative

• Regular

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

__________is the condition that results because people have limited resources but unlimited wants.

• shortage

• inflation

• scarcity

• Normative Economics

_______________________ Economics is tangible:  So, it can be substantiated by FACTS.

• Positive Economics

• Normative Economics

• Abnormal Economics

Whenever you choose one thing over another, you are make a ___________.

• really hard choice

• tradeoff

• left turn

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A ___________________ is a way to compare the costs of an action with the benefits of that action.  If benefits exceed costs, then the action is worth taking.

• pro-con list

• cost-benefit analysis

• report

Tags

CCSS.L.11-12.6

CCSS.L.9-10.6

CCSS.W.11-12.2D

CCSS.W.8.2D

CCSS.W.9-10.2D

Any factor that encourages or motivates a person to do something is called a/an:

• cash bonus

• prize

• incentive

• cost-benefit analysis

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4