Shilo is planning a family vacation to the beach. While planning the trip, Shilo is trying to decide if they should go for a long weekend or spend a few extra days and stay for the week. Each additional day they stay will cost money but they will also gain the benefit of being on vacation longer. Which economic concept/tool applies best to this scenario?

Which of the following is a tool used by economists to show the impact of scarcity on an economy?

The study of how individuals and societies satisfy their unlimited wants with limited resources is known as ____.

In economics, the maker of a good or service is known as the ________.

A receptionist at a doctor's office.

A carpet installer for a flooring company.

A cyber security expert at a bank.

A police officer.

A garbage collector.

A person who buys a good or a service is known as _____.

Zeb got a raise at work. He is trying to decide if he should invest the extra money or put it towards paying down credit card debt.

The extra money Zeb received is known as _____ in economic terms.

The resources used to produce goods and services are known as ______.

What is being analyzed in this graph?

A lawyer

A plumber

A mechanic

Lawn Mowing

Internet

Saw at a sawmill

Mechanic's tools

Laptop

Printer

Pen

X-Ray equipment at hospital

The normal price of Pop Tarts is $3.50.

This week they are on sale for $2.00.

There are 3 boxes in your shopping cart. You are trying to decide if the 4th box is worth another $2.00.

What is the additional $2.00 for the 4th box called in economic terms?

Desires that can be satisfied by consuming a good or service are known as ____.

A greenhouse should be able to produce 400 tomato plants and 300 cucumber plants in a season.

This season, the greenhouse produced 200 tomato plants and 100 cucumber plants.

What economic term best applies to this scenario?

Objects such as food, clothing, and furniture that can be bought are known as ____.

A simplified economic representation of an economic concept like a Production Possibilities Curve,

or Cost-Benefit Analysis is known as a(n) ______.

A Production Possibilities Curve has 4 assumptions that must occur for it to be used. Which of the following is not one of them?

Involves the vision, skills, and risk-taking needed to create and run businesses.

The value of something given up to get something else that is wanted is known as the ____ in economics.

This exists when there are not enough resources to satisfy human wants.

It forces consumers, producers, and governments to make choices when utilizing their limited resources.

Producing the maximum amount of goods and services possible is known as ____ and is apparent on a PPC on the curve (frontier).

The benefit or satisfaction received from using a good or service; this economic term is one piece of the decision-making process.

As production switches from one product to another, increasing amounts of resources are needed to increase the production of the second product. This is known as ___.

water

oil

corn

sand

wheat

cows

natural gas

eggs

The study of economic behaviors of individuals, families, and businesses as well as prices, costs, competition, and profits.

The study of the economy as a whole and large-scale economic activities like tax policy.

Economic behavior as it is without judgement or opinion.

"The national unemployment rate is currently 3.8%."

Economic statement that involves judgments of what economic behavior ought to be.

"The government should raise taxes. They have run up the national debt and there's no other way they can pay it off."

A good that is provided by nature or a government is known as a ____.

Examples of this would include national parks, the post office, education, and prisons.

Why must societies answer the 3 economic questions?

A government has to decide if they are going to use their resources to provide education, aid the development of manufacturing, and encourage advancement in technology.

Which of the "3 Economic Questions" does this statement apply to?

________________ is the basis for everything in Economics.

Which of the following is NOT an example of the Factors of Production?

Economics can be described as the study of

The condition of scarcity can be described as one that

Which description is most correct about opportunity cost (OC)?

The difference between scarcity and shortage is

What does point Y represent on the PPC?

Which of the following is NOT a question that results from scarcity?

_ is a way of describing and explaining economics as it is, not as it should be.

_ is a way of describing and explaining what economic behavior ought to be, not what it actually is.

In what market do businesses sell goods and services to households?

In what market are the factors of production bought and sold?

In a free market economy, who owns the resources?

A person stocks shelves at a grocery store and receives a wage. They have completed an exchange in which part of the circular flow model?

Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circular flow model?

What is a public good?

What is a private good?

Governments provide businesses with public goods and in return businesses give____________ to the government.

This diagram is called a: