Economics Final Exam 2024

What is the main economic problem?

What does scarcity mean?

Because of the scarcity, what do we have to make?

What is unlimited and endless in economics?

What is limited in economics?

What is  the value of what a person gives up when they make a choice?

What are the 3 basic economic questions that every society must face?

• What is being produced? (How much?)

• How is it being produced?

• For whom is it being produced?

• What is for lunch?

Why must people make choices about the things they desire?

• producers use the same resources to make different kinds of items

• wants are ever changing, so people must substitute new items for old ones

• people must satisfy their needs first because they cannot afford to satisfy all of their desires

• People's wants are unlimited, but the resources available to satisfy them are scarce.

Which area of economics uses value judgments to make recommendations for future actions?

An economic system is

• Shaped by the amount of scarcity on society experiences

• Determined by the self interest of the individuals in a society

• The way a society uses its resources to satisfy its people’s wants

• The way a society limits its people’s desires to easily fulfill them