Unit #1 Economics Re-teach Activity

What is the condition of having limited resources but unlimited wants called?

• Scarcity

• Abundance

• Surplus

• Deficiency

Which of the following is an example of opportunity cost?

• Choosing to study instead of going to a movie

• Buying a car instead of a bike

• Eating at home instead of a restaurant

• Saving money instead of spending it

In a command economy, who makes all the economic decisions?

• Government

• Consumers

• Producers

• Entrepreneurs

The U.S. economy is an example of a ___ economy.

Which factor of production includes natural resources like farms and forests?

• Land

• Labor

• Capital

• Entrepreneurship

In the circular flow model, households own resources and sell them to ___?

What are the three basic economic questions every society must answer?

• What to produce, How to produce, For whom to produce

• What to buy, How to sell, Where to invest

• Who to hire, What to pay, How to train

• Where to trade, How to market, What to advertise