Economics Final (50 Points)

These can be satisfied by consuming a good or service

• needs

• wants

• choices

• fringe benefits

These are things necessary for survival

• wants

• choices

• needs

• executive orders

The situation that exists when there are not enough resources to meet human wants

• economizing

• scarcity

• microeconomics

• rarity

What is economics?

• the study of how people end a shortage during a pandemic

• the study of how people choose to use scarce resources to satisfy their wants

• the study of financial decisions

• the study of money and it's properties

These are the people who make the goods or provide services

• producers

• consumers

• managers

• investors

Which of these is not a factor of production

• land

• capital

• destiny

• labor

These are the benefits offered to encourage people to act in a certain way.

• utility

• incentive

• fringe benefits

• bonuses

This is what you give up by choosing one alternative over another.

• opportunity cost

• marginal cost

• fringe benefits

• marginal benefits

This weighs the benefits of an action against the costs

• production possibilities curve

• decision-making graph

• pie charts

• cost-benefit analysis

This is the additional cost of using one more unit of a product

• marginal benefit

• marginal cost

• marginal simpson

• marginal analysis