Unit 1 quizizz

Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True
• False

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

Economics is the study of how society manages its

• limited wants and unlimited resources

• unlimited wants and unlimited resources

• limited wants and limited resources

• unlimited wants and limited resources

Which of these is NOT a reason on why we have scarcity?

• All resources are limited

• People are satisfied with what they have

• People want more than our country can produce

Which of these statements is correct?

• Scarcity requires people to make choices.

• Wealthy people do not experience scarcity.

• Scarcity only exists is less-developed countries.

• Expensive cars are not considered scarce.

What is the basic economic problem?

• Opportunity Cost

• Scarcity

• Factors of production

• Goods and Services

Usefulness or satisfaction of a good or service

• utility

• Self interest

• incentive

• cost/ benefit analysis

Which do people compare in order to make choices?

• Costs & Benefits
• Supply & Demand
• Buying & Selling
• Apples & Oranges

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?

• muffins 
• cookies 

The Welch family has saved some money.  They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard.  They decide to spend the money on a swimming pool.  What is the opportunity cost of their decision?

• vacation 
• swimming pool