[AP9] Q1 Economics Reviewer

Economics studies how we allocate our limited resources to satisfy our unlimited demands.

• TRUE

• FALSE

It can be classified as machineries, equipment, buildings and construction.

• Land

• Labor

• Capital

• Entrepreneur

It is a study of how people meet their wants and needs.

• Business

• History

• Finance

• Economics

Which of the following is one of the three basic economic questions?

• What price should be set for goods and services?

• 
  How should goods and services be produced?

• How is a budget created?

• How can income be shared?

Which type of economic system has the highest level of government control?

• traditional economy

• market economy

• command economy

• mixed economy

An economy in which people make economic decisions based on their group's customs and values to prioritize their immediate needs.

• traditional

• free market

• command

• mixed economy

People, firms, or businesses that make and sell goods or services.

• Consumers

• Government

• Producers

• Investors

Leni is a teacher who needs to buy a projector before the school year starts. What factor affects Leni's need.

• Employment and Income

• Preference or Interest

• Age and Preference

• Culture and Tradition

Human need has no end because _________.

• Human resources are infinite.

• Human have a lot of money to buy.

• We have a lot of resources.

• The needs of people changes.

Which is NOT a scarce resource?

• Clean Water

• Natural Gas

• Clean Air

• Land