Intro to Economics Review

What are simplified representations of the real world?

• models

• wants

• incentives

• economy

What are things we would like to have, such as entertainment or vacations?

• needs

• wants

• incentives

• free enterprise

What is the study of how we make decisions in a world where resources are limited?

• economics

• economy

• captialism

• market economy

What is all the activity in a nation that together affects the production, distribution, and use of goods and services?

• economics

• economy

• captialism

• market economy

What are things that are required for survival, like food and clothing?

• wants

• needs

• incentives

• rational choice

Which of the following is a system in which private citizens own most, if not all, of the means of production?

• economy

• free enterprise

• market economy

• capitalism

What is a system in which businesses are allowed to compete for profit with minimum gov. interference?

• economics

• capitalism

• Free enterprise

• market economy

What is the type of economy in which individuals, not gov., make most of the economic decisions?

• Capitalism

• Market Economy

• Free Enterprise

• Models

What is choosing the alternative that has the greatest value among comparable-quality products?

• wants

• rational choice

• needs

• models

What are rewards offered to try to persuade people to take certain economic actions?

• wants

• models

• incentives

• needs