Understanding Economic Decisions in the Marketplace

What is the term for the limited nature of society's resources?

• Abundance

• Scarcity

• Surplus

• Excess

Macroeconomics deals with ______.

• Small businesses

• Individual decisions

• National and global economies

• Personal finance

What are the inputs used to produce goods and services called?

• Resources

• Products

• Outputs

• Materials

The term 'produced' refers to the creation of ______.

• Resources

• Goods and services

• Options

• Scarcity

Opportunity cost is the value of the ______.

• Best alternative foregone

• Total cost

• Least costly option

• Most costly option

Consume means ______.

• Save

• Produce

• Use goods and services

• Create

Supply and demand determine the ______ in a market.

• Price

• Quality

• Quantity

• Brand

An economic system is the way a society ______.

• Organizes its resources

• Consumes goods

• Produces scarcity

• Avoids choices

Scarcity requires people to make ______.

• Unlimited options

• No options

• Decisions

• Random decisions.

The study of how people make decisions in a world where resources are limited is called ______.

• Economics

• Biology

• Chemistry

• Physics