Part 2: Econ Review for Final Assessment

Scarcity is the fundamental economic problem facing all ____.

• Scarcity is the fundamental economic problem facing all individuals, societies, and economies.

• Scarcity is the fundamental economic problem facing only wealthy individuals.

• Scarcity is the fundamental economic problem facing only developing countries.

• Scarcity is the fundamental economic problem facing only businesses.

__________is a social science dealing with how people satisfy unlimited wants and the use of unlimited resources.

• Wants and Needs

• Renewable and Nonrenewable Resources

• Scarcity and Productivity

• Opportunity Cost and Marginal Cost

The word “economics” comes from two Greek words. What do those two words mean?

• House and manage

• Trade and wealth

• Money and market

• Supply and demand

What are the factors of production?

• Land, Labor, Capital, and Entrepreneurship

• Money, Machines, Materials, and Management

• Planning, Organizing, Leading, and Controlling

• Supply, Demand, Price, and Quantity

What are consumers forced to do because of scarcity?

• Make choices

• Increase production

• Decrease consumption

• Ignore scarcity

An incentive is:

• a reward or motivation (not always $) for doing something or making a choice

• a type of punishment for not budgeting income

• an extra tax added to goods

• a reason why a person does not do something or make a choice

Needs are the basic requirements for ______, such as food, clothing, and shelter.

• survival

• entertainment

• luxury

• comfort

Wants are things that we would like to have but are not ______ for survival.

• necessary

• essential

• vital

• crucial

A good is a ______ economic product that is useful, transferable to others, and used to satisfy wants and needs.

• tangible

• intangible

• virtual

• hypothetical

A consumer durable is a type of product that:

• is consumed immediately and needs frequent replacement

• is used over a long period and does not wear out quickly

• is a service rather than a physical product

• is a perishable good