Econ Unit 1 Quiziz

The condition of ________ can be described as one that exists when our unlimited needs/wants exceed our limited resources, forcing us to make choices.

• recession

• scarcity

• opportunity cost

When choices are made, all the other options that are given up are called:

• tradeoffs

• incentives

• benefits

Opportunity cost can best be described as:

• the value of the next best alternative that is given up due to the choice you made 
• the price you pay to purchase something 

• the benefit you gain by making a decisions

• the amount of debt you take on by making a decision 

An economist studies the price points at which Apple offers the newest iPhone model for sale. This is a study in:

• Microeconomics

• Macroeconomics

Unemployment in the United States increased by 2% over the last year. This is an example of a:

• normative economic statement

• positive economic statement

In the Circular Flow Model, the inside arrows moving from households through the resource market to businesses represent:

• GDP

• factors of production

• consumer spending

In the Circular Flow Model, the arrow moving from the government to households represents:

• subsidies

• taxes

• welfare

The four factors of production are:

• rent, wages, interest, profit

• land, labor, capital, entrepreneurship

Canes sells chicken fingers to consumers in which market?

• resource

• product

A tractor purchased by a farmer would be considered:

• profit

• labor

• capital