1st Nine Weeks Exam - Economics

Why does scarcity exist?

• Each year workers tend to produce less than previously 
• Machines wear out in time
• There are not sufficient resources to meet everyone's wants
• There is a limit to people's wants 

Why will scarcity continue to be a problem in the future?

• Prices will rise
• Resources will always be finite 
• Needs will decrease in the future 
• World population will fall 

Something we desire but that is not necessary for survival

• Want

• Need

• Good

• Service

Something essential for survival

• Want

• Need

• Good

• Service

People who provide the money to start and operate a business are called_________________.

• literates
• entrepreneurs
• democrats
• body guards 

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

• demand goes up
• demand goes down
• demand stays the same
• none of the above

_____________ is the study of how people use limited resources to satisfy needs and wants.

• Sociology
• Civics
• Economics 
• Enterprise 

A ____________ is giving up one option in order to get something of greater value.

• Trade-off
• Sacrifice 
• Scarcity
• Cost