Q4 2024 Midterm

If an expense can NOT be removed from your budget to save money, it is considered a _____.

• want
• need
• income
• savings

If it is NOT necessary for your survival, then it is considered a _______.

• want
• need
• related good
• complement

What would a government do in a model free enterprise system?

• ensure that prices remain reasonable
• protect property rights and enforce contracts
• stay out of economic activity altogether
• support entrepreneurs to encourage innovation

Which kind of economy is most common today?

• command
• market
• mixed
• traditional

Why are tradeoffs necessary?

• people want different things
• every product has flaws
• advertises promote products
• resources are limited

_______include(s) anything used to produce goods or services

• Economics
• Rationing Devices
• Scarcity
• Resources

_______ exists when our wants are greater than the resources available to satisfy those wants.

• Scarcity
• Economics
• Rationing Devices
• Resources

When you make any choice, the most valued alternative you give up is considered your _______.

• want
• opportunity cost
• rationing device
• need

Which of the following is NOT a natural resource?

• oil
• lightbulb
• water
• tree

Which of the following IS a capital resource?

• wood
• printer
• labor
• knowledge