Economics 101 Review

"Energy Star", "USDA Organic", and "Fair Trade Certified" are all examples of...

• Ecosystem services

• Ecolabeling

• Non-market value

• Market failure

Tags

NGSS.HS-ETS1-3

What are the manufactured materials and products that individual consumers and businesses buy?

• Goods

• Services

• Ecosystem services

• Market Failure

Tags

NGSS.MS-PS1-3

Things that we appreciate for beauty, that help define our culture, or that teach us about ourselves are said to have...

• Market failures

• Ecolabels

• Non-market values

• Cost-benefit analysis

All economies depend on the environment. True or False?

• True

• False

Tags

NGSS.MS-ESS3-4

A service is something that someone does for you. A good is something you buy and consume. Which of these examples are both a good and service.

• You buy a book and the author signs it.

• You get a hair cut.

• You won a book at the book fair.

• Your brother sells you his old bike.

Good or Service: You buy several shirts from a garage sale.

• Good

• Service

Of the following, which one tells consumers which brands are made with processes that do not harm the environment.

• Marginal product

• Non-market value

• Eco-labeling

• Cost-benefit analysis

Good or Service: A roofing company comes to your home to repair your roof.

• Good

• Service

The number of people willing to purchase OR use that resource

• Supply

• Demand

• Cost-benefit analysis

• Non-market value

Which statement about the relationship between economics and the environment is true?

• Internal and external environmental costs are usually considered equal.

• Long-term effects often receive more weight than short-term effects.

• Harm to the environment can harm economies.

• The relationship usually receives serious consideration.

Tags

NGSS.HS-ESS3-2