Economics Review

Is the study of ways people and society distribute their limited resources for unlimited wants and needs.

• Macroeconomics

• Microeconomics

• Economics

• Service

Match the following

• Good

• Sneakers

• Buying a slice of pizza at the Hot Spot

• Macroeconomics

• Trade agreement between US and China

• Hair Stylist

• Service

• Microeconomics

Which of the following are examples of microeconomics? Select all that apply.

• You buy several items at the local mall

• US inflation rises 6.2% in 2022

• All goods and services produce and sold in the US in 2022

• The price of the iPhone 12 drops

Which of the following are examples of macroeconomics? Select all that apply.

• Buying an iPhone 12

• US employment raises 3% in 2022

• Wawa has its annual Hoagie Fest

• The US puts more currency into circulation to fight inflation.

Match the following

• the decision in picking one things over another

• Trade-offs

• Are things that someone does for you

• Services

• we have unlimited wants and needs but limited resources

• Scarcity

• that that you can use or consume

• Resources

• The things used to make finished goods

• Goods

True or false: The production is

Factors of Production -> Manufacturing -> Distribution

• True

• False

Match the following

• Starting one lemonade stand then expanding to a nationwide chain

• Entrepreneurship

• Person working at a factory

• Land

• factory, wheelbarrow, mixer

• Capital

• sugar, coconut, strawberries, lemons

• Labor

The amount of money spent by a business to produce a good or a service

• revenue

• profit

• cost

• profit motive

Emily's ice cream shop had $200 in expenses this month, her revenue was $900. How much was Emily's profit?

• $1100

• $700

• $500

• $1800

The four basic economic questions are:

What to produce, how to produce, how much to produce and for whom?

• True

• false