ECON - Semester Review pt.1

What is a fundamental economic problem facing all societies?

• Scarcity

• Abundance

• Wealth

• Luxury

What is the monetary worth of a good or service as determined by the market?

• Price

• Value

• Cost

• Profit

What is a basic requirement for survival?

• Food

• Clothing

• car

• ipod

What is a social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources?

• Economics

• Biology

• Physics

• Chemistry

What is a capital good?

• Shirt

• Automobile

• Machinery

• Equipment

What is a nondurable good?

• Car

• Phone

• Refrigerator

• Pencil

In a command economy, who makes the major decisions about WHAT, HOW, and FOR WHOM to produce?

• Government

• Consumers

• Producers

• Marketers

What is a want?

• Food

• Clothing

• Shelter

• Phone

What is a durable good?

• Car

• lettuce

• perfume

• Pencil