Intro to Economics & Competition in the Market

What term describes something that is desired but not needed?

• Need

• Scarcity

• Want

• Shortage

What is it called when you choose one thing which causes you to have to give up, or sacrifice, another?

• Scarcity

• Trade-Off

• Want

• Comparative Advantage

Which term describes the essential requirements for survival?

• Want

• Need

• Scarcity

• Opportunity Cost

What does economics help you do in terms of decision-making?

• Make better informed decisions.

• Make impulsive decisions.

• Avoid making decisions.

• Rely solely on intuition.

What is one of the benefits of understanding economics in relation to government?

• Understanding how the government works for and against you.

• Ignoring government policies.

• Simplifying all government actions.

• Distrusting all government decisions.

What does scarcity force individuals and nations to decide?

• How to save money

• How to increase demand

• What to produce, how to produce it, and whom to produce it for

• How to reduce costs

What does shortage of a resource mean?

• Permanent and natural limitation

• Temporary and man-made unavailability

• Unlimited access to resources

• Abundance of resources

Which of the following is a characteristic of a market with fewer participants?

• High competition

• Greater control over prices

• Low control over prices

• Fixed prices

How can the type of business structure affect a business?

• It affects the color of the business logo

• It affects how a business is regulated and taxed

• It affects the business's social media presence

• It affects the number of products a business can sell

For a consumer, which is part of making an economic choice?

     

• The consumer makes goods and services to sell to others.

•   The consumer moves to a place that has very few businesses.

• The consumer purchases everything he or she needs or wants.

• The consumer weighs his or her needs and wants before spending money.