Economics Review

When an economic choice is made, it also means another choice is NOT made. For instance, if you choose to eat out at Chik-fil-A you are choosing NOT to eat out at Raising Cane's, or Zaxby's. In economics, this is called...

• Opportunity Cost

• Supply and Demand

• Scarcity

• Resources

The inability to satisfy all wants and needs at the same time, because resources are limited, is known as...

• Supply

• Demand

• Scarcity

• Opportunity Cost

The new Nintendo Switch releases in June. Unfortunately, unless you are able to pre-order it, you will likely not be able to purchase one as they will almost certainly be sold out. Which two economic principles apply to this?

• Supply and Demand

• Opportunity Cost

• Scarcity

• Price

• Production

The combining of resources needed to make goods or provide services is known as...

• Consumption

• Production

• Incentives

• Resources

Which resource is being described below:

Also known as labor, this resource is the individuals needed to create goods or carry out services.

• Natural

• Human

• Capital

• Entrepreneurship

Which resource is being described below:

The materials that are found throughout planet Earth, whether on the surface or beneath it. These materials are valuable because they are needed to produce goods.

• Natural

• Human

• Capital

• Entrepreneurship

In economics, supply and demand is used to determine what?

• Scarcity

• Price

• Opportunity Cost

• Incentives

This image is an example of what?

• Supply and Demand

• Price

• Incentives

• Opportunity Cost

In economics, most people are considered what? Hint: we purchase and use goods and services!

• Producers

• Consumers

• Decomposers

Which resource is being described below:

Money, along with investments such as cryptocurrency, stocks, and interest earned on a home.

• Natural

• Human

• Capital

• Entrepreneurship