Intro to Econ Fast & Curious

What is the fundamental problem in economics?

• scarcity

• production

• underutilization

• overconsumption

Scarcity affects what a consumer buys and what a producer makes.

• True

• False

Scarcity affects how the four _________ are put to use.

• trade-offs

• economic models

• factors of production

• incentives

Scarcity arises because resources are ________   .

• expensive

• abundant

• limited

• cheap

When making a decision, you have to consider the ______?

• production possibilites

• incentive

• opportunity cost

• price

Goods are actions that a person performs for another person.

• True

• False

What forces us to make choices?

• An adult

• Time

• Cost

• Scarcity

What are the three types of resources?

• Human Resources

• Natural Resources

• Infinite Resources

• Capital Resources

• Biological Resources

Surplus is located on which side of equilibrium?

• Left

• Top

• Bottom

• Right

If you elasticity to be less than 1, then you can determine what?

• The demand or supply is elastic

• Price changed too much

• There is a shortage

• The demand or supply is inelastic