Econ U nit 1

What motivates humans to complete tasks and other daily activities?

• incentives

• nothing

• ?

• ?

The cafeteria is out of Italian Dunkers. There is an Italian Dunker _.

What is an economic enigma?

• a term used to describe the best trade-off that you did not select

• a "riddle" or economic mystery that economists try to answer

• a wrench or a hammer

• the person that organizes factors of production to make useful items

The best trade-off is known as the...

• opportunity cost

• idea price

• trade union

• the cost of doing business with shady characters like my cousin Jerry

Which of these resources is scarce?

• Time

• Water

• Food

• Land

For most people their pay check acts as an _ to do work.

What will happen to the price of a product if the supply remains the same but the demand increases?

• The price of the product will INCREASE

• The price of the product will DECREASE

• The price of the product will remain exactly the same

• Nobody knows and nobody cares

The amount of a product that consumers want at a certain price is called what?

• scarcity

• deviance

• supply

• demand

What is the term for the cost of the next best alternative when making a decision?

• Opportunity cost

• Trade-off cost

• Alternative cost

• Decision cost

What is the term for the desire to own anything and the ability to pay for it?

• Want

• Need

• Demand

• Supply