FBLA Exploring Economics

Your friend spends all night playing video games instead of studying for this quiz. What is the opportunity cost?

• Playing video games

• More time spent studying

• Eating noodles

• Voting in an election

What does utility in economics refer to

• giving up one product for another without sacrificing resources

• the study of making choices to satisfy their unlimited wants and needs

• trading one set of goods for another not using money

• advantage of fulfillment a person receives from consuming a good or service

A local yard sale would be considered which economic system?

• Mixed Economies

• Market Economies

• traditional Economies

• command Economies

Exchanging chips for hats is an economic example of

• Specialization

• Barter

• Scarcity

• Absolute Advantage

—Measure of value that allows producers and consumers to determine worth.

• Money

• Barter

• Trade

• Utility

What is the primary focus of FBLA Exploring Economics?

• Understanding economic principles

• Learning about historical events

• Studying political systems

• Exploring scientific theories

Which of the following is a key concept in economics that FBLA Exploring Economics might cover?

• Photosynthesis

• Supply and demand

• Newton's laws

• The water cycle

In the context of FBLA Exploring Economics, what does scarcity refer to?

• Unlimited resources

• Limited resources

• Abundant wealth

• Excessive demand

Which economic system is characterized by private ownership and free markets, a topic likely covered in FBLA Exploring Economics?

• Command economy

• Traditional economy

• Market economy

• Mixed economy

What is opportunity cost, a concept that might be explored in FBLA Exploring Economics?

• The cost of an alternative that must be forgone

• The total cost of production

• The price of a good or service

• The cost of living