Economics

You're shopping for snacks and notice they are more this year than last year. This is an example of

• Inflation

• Deflation

• Recession

• Trough

What is the term used to describe reducing spending to save money?

• Inflation

• Economize

• Investment

• Distribution

What might producers do to motivate consumers to purchase more during inflation?

• Stop production

• Increase advertising only

• Reduce their prices

• Increase their prices

What does scarcity mean in economics?

• The abundance of resources

• The equal distribution of resources

• The unlimited wants of society

• The reality that people's wants always exceed the resources available

What are economic wants?

• Desires for goods and services that require money

• Desires that don't require money to be obtained

• The study of economics

• Unlimited resources

What is economic utility?

• The cost of goods and services

• A type of economic policy

• The study of utility companies

• The usefulness and degree to which wants are satisfied

What does labor refer to in economics?

• Natural resources

• Capital goods

• The workers or human resources

• The technical knowledge for production

What are capital goods?

• Money used in investment

• Natural resources

• Physical assets used to produce goods and services

• The workforce of an economy

What does expertise mean in the context of production?

• The amount of capital goods

• The economic policies of a country

• The technical knowledge and ability to produce items

• The natural resources available

What is a trade-off?

• The process of trading goods internationally

• A financial transaction

• A type of economic model

• Choosing between two things that can't be had or done at the same time