What is Economics?

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

Which choice best describes the economic problem of scarcity in the world?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

Which type of economy allows the government to determine what to produce, how to produce it, and who gets it?

• Command Economy

• Market Economy

• Traditional Economy

Which type of economy allows past customs and family tradition to determine what to produce, how to produce it, and who gets it?

• Command Economy

• Market Economy

• Traditional Economy

Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?

• Command Economy

• Market Economy

• Traditional Economy

Which two countries would likely trade with each other?

• Two countries that are located far away from each other

• Two countries that both have the same population.

• Two countries who people both speak the same language.

• Two countries that each specialize in producing different goods.

___________ is the activity to buy the goods or services from another country.

• Exporter

• Importer

• Export

• Import

_________ is the activity to sell the goods or services to another country.

• Exporter

• Importer

• Export

• Import

This has potential to spread infectious diseases

• Communism

• Capitalism

• Isolationism

• Globalization

The interconnection of the world today is often referred to as

• Nationalism

• Communism

• Globalization

• Isolationism