Economics Review

When companies use resources to make goods and services it is called what?

• Consumption

• Decision

• Choice

• Production

Choice is when a person makes a decision and chooses what they want based on limited resources.

• True

• False

is the inability to satisfy all wants at the same time. All resources and goods are limited.

• Choice

• Opportunity Cost

• Decision

• Scarcity 

What you give up when you make a choice based on limited resources and scarcity, the thing you gave up was the

• Choice

• Opportunity Cost

• Decision

• Scarcity

What are the three types of resources? 

• Natural

• Human

• Incentive

• Price

• Capital

Which of the following is an example of a good?

• Laptop

• Plumber

• Electrician

• Dog Walker

Which of the following are examples of a service?

• Postal Worker

• Phone

• Laptop

• Pet Sitting

Buy one, get one free is an example of a...

• Price

• Choice

• Incentive

• Product

High demand/low supply = __________ price

• High

• Low

Low demand/higher supply = _________ price

• High

• Low