Chapter 1 vocabulary Economics Quiz

What is the condition that occurs because people’s wants and needs are unlimited, while the resources needed to produce goods and services needed to meet these wants and needs are limited?

• Scarcity

• Opportunity Cost

• Unlimited Resources

• Opportunity Benefit

What is the condition of there not being enough resources to fulfill all wants and needs?

• Limited Resources

• Opportunity Cost

• Unlimited Resources

• Opportunity Benefit

The social science that deals with how society allocates its scarce resources among its unlimited wants and needs is called:

• Economics

• Sociology

• Political Science

• Anthropology

Why must we make choices in our everyday lives?

• Scarcity

• Opportunity Benefit

• Opportunity Cost

• Infinite Resources

What is the human characteristic of never having all wants and needs satisfied?

• Opportunity Cost

• Unlimited Wants and Needs

• Limited Resources

• Scarcity

What is the process of choosing which needs will be satisfied and how much of our resources we will use to satisfy them?

• Scarcity

• Opportunity Benefit

• Opportunity Cost

• Allocation

What is the value of any alternative that you must give up when you make a choice?

• Allocation

• Opportunity Cost

• Opportunity Benefit

• Microeconomics

What is gained by making a particular choice?

• Limited Resources

• Macroeconomics

• Opportunity Cost

• Opportunity Benefit

What is the branch of economics that examines the choices of individuals concerning one product, one firm, or one industry?

• Microeconomics

• Macroeconomics

• Supply and Demand

• Allocation

What is the branch of economics that examines the behavior of the whole economy at once?

• Microeconomics

• Macroeconomics

• Majoreconomics

• Supereconomics