Econ Unit 1 Notes Quiz

Describe economics, in your own words:

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Personal Economics is

• a branch of economics that studies the behavior of an overall economy, which encompasses markets, businesses, consumers, and governments

• related to one's opinion about the economy

• management of a company's finances and resources
• management of an individual's finances and resources

Scarcity occurs when

• the value of labor does not align with production

• there are limited quantities of resources to fulfill unlimited desires

• supply is not in equilibrium with demand

• there are unlimited quantities of resources to meet limited desires

Fill in the missing word:

• The economy

• The stock market

• Scarcity

• Means of Production

Most economists do not view money as capital because:

• You can just print more money

• money is not a productive resource

• you cannot invest it in the stock market

• money is not a man-made resource

An opportunity cost is known as:

• The cost of the most expensive option
• The cost of the least desirable option
• The cost of the final choice
• The most desireable alternative given up as a result of a decision

The financial institution that generally charges the LOWEST rates on loans is a

• Commercial bank

• Pawn shop
• Credit union
• Payday lender

What are some factors that can affect credit?

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Who/what sets interest rates?

• Commercial banks
• Stock market
• Government agencies
• The Fed (The Federal Reserve)

If I have a credit score of 575, my score is:

• Very good

• good

• average

• low