Intro to Economics

What is scarcity? 

• Giving something up to have something else
• Extra cost of production
• The condition that results form having unlimited wants with limited resources
• Rise in general level of prices and workers need more money

Which of the following IS a capital resource?

• Wood
• Computer
• Labor
• Knowledge

A stove would be an example of a __________

• Natural resource

• Human Resource

• Capital resource

The social science that studies how society allocates its scarce resources is

• Opportunity Cost

• Economics

• Scarcity

• Capitalism

What are the 3 questions that must be asked in Economics to determine what type of economy a country has? SELECT 3 ANSWER CHOICES

• What is being produced?

• How are you producing it?

• Who will receive it?

• What are the costs of the products?

Which IS NOT a way to use credit cards wisely?

• consumer should have a goal to max out their credit limit
• pay the full balance each month to avoid charges
• pay bills on time to avoid late fees
• set a limit for spending that you know can be paid off

The creation of any kind of good or service is known as:

• Input
• Resources
• Production
• Entrepreneurship

All of the things necessary for production are known as:

• Production
• Entrepreneurship
• Outputs
• Resources

The human effort involved in the production of goods and services is known as:

• Capital
• Entrepreneurship
• Labor
• Land

The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):

• Entrepreneurship
• Capital
• Land
• Labor