The study of how individuals and societies make decisions about resources, production, distribution, exchange, and consumption of goods and services, given unlimited and competing wants, and given the scarcity of resources is:

• economics
• social science
• economic utility
• inflation

The study of behavior and decision-making of individuals and businesses in an economy is:

• macroeconomics
• microeconomics
• economic utility
• economic want

All the components needed for production including natural resources, labor, capital goods, and expertise are:

• resources
• economic wants
• noneconomic wants
• producers

The physical assets used to produce goods and services, including machinery, equipment, buildings, and tools are:

• economic wants
• opportunity costs
• capital goods
• natural resources

The reality that people’s wants always exceed the resources available to fulfill those wants is:

• consumption
• economics
• inflation
• scarcity

Which of the following occurs when the quantity demanded exceeds the quantity supplied?

• surplus
• shortage
• elasticity
• equilibrium

The United States economic system is largely based on which of the following?

• competition
• monopoly
• equilibrium
• capitalism

Desires for goods, services or other items that can only be acquired by spending money are:

• economic wants
• economic needs
• economic goods
• economic services

What are examples of economic goods? Select THREE options.

• a television
• a patent
• a haircut
• a bicycle
• a pencil

The goods and services that are included in GDP fall into which categories? Select FOUR options.

• Private Consumer Spending
• Private Domestic Investment
• Government Spending and Investment
• Net Exports
• Final Goods and Services