Economics Quiz

Economics is the study of the ______ people make to satisfy their wants and needs with a limited supply of resources.

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

It is also the study of production, distribution and consumption of goods and services. This means that economics asks 3 basic questions: What to produce? How to produce them? ______ will use them?

The fundamental problem all economies face is ______, having a limited amount of resources to meet the needs and wants of society. Scarcity helps people make decisions as they try and balance their unlimited wants with limited resources.

A ______ is something that people desire and a need is something that people have to have to survive.

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

______ are physical objects versus services are actions that a person performs for another and then receives payment for.

Resources are anything used to get or create a good or service. They can be broken down into 3 categories. They are capital, land, and ______. These are needed to be able to produce goods and services.

______ is the economic idea that one more or extra will change the variable. Marginal benefit is the benefit you receive from one extra and marginal cost is the cost for one extra.

When making choices, people will continue to make the same choice as long as the marginal benefit ______ the marginal cost.

Demand shows the relationship between the quantity of a good consumers are willing and able to buy at various prices per period. Demand is based on the desire to buy, willingness to buy, and ability to buy. This is an inverse relationship therefore as the price goes.

On a demand graph, the demand curve always has a slope.