Econ Final Exam Review

What is the "study of how a society deals with the problem of scarcity"?

• Economics
• Sociology
• Civics

Which of the following would be considered a consumer good?

• An X-ray machine
• A toothbrush
• A forklift

When we say something is scarce, what does that mean?

• We have an unlimited amount of it
• We can easily get more of it
• We don't have enough of it to meet demand

"Two or more alternatives that you must choose between" are called_____

• Trade-offs
• Macro and Micro economics
• Opportunity Cost

What you give up when you choose one trade-off over another is your ________________

• Profit
• Surplus
• Opportunity Cost

Economics system where the government has complete control

• Capitalism
• Communism
• Socialism

Economic system where the government has control over some part of the economy such as necessary services

• Capitalism
• Communism
• Socialism

Economic system where the government has little control over the economy

• Capitalism
• Communism
• Socialism

The United States is best described as a _______ economy

• Mixed
• Communist
• Socialist

"The total of everything one owns of value" is called your

• Capital goods
• Trade-offs
• Wealth