Unit 1: Intro to Economics

The social science that studies how society allocates its scarce resources is

• Opportunity Cost

• Economics

• Scarcity

• Capitalism

What are the 3 questions that must be asked in Economics to determine what type of economy a country has? SELECT 3 ANSWER CHOICES

• What is being produced?

• How are you producing it?

• Who will receive it?

• What are the costs of the products?

Something you must have in order to survive or function in society.

• service

• product

• want

• need

Anything that is not a need.

• need

• good

• want

• service

Selecting an item or action from a set of possible alternatives.

• want

• choice

• need

• desire

The choice you have to make between two options given limited resources and the ability to only choose one.

• cost

• trade off

• benefit

• opportunity cost

You have two hours before bed. Your choices are to watch Netflix or study for your test tomorrow. What is this an example of?

• trade off

• want

• need

• opportunity cost

After you make the choice, the ___________ is the lost chance to enjoy the item you did not select

• opportunity cost

• benefit

• trade off

• service

You have two hours before bed. Your choices are to watch Netflix or study for your test tomorrow. You choose to study. What do you call the choice of not watching Netflix?

• trade off

• benefit

• scarcity

• opportunity cost

Limited quantities to meet unlimited wants.

• scarcity

• want

• needs

• surplus