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- 1. Multiple Choice________ is the most basic economic problem.ScarcityLaborGreedCapital
- 2. Multiple Choice
Benefits offered to encourage people to act in certain ways.IncentiveUtilityeconomizeTrade-off - 3. Multiple Choice
Any alternative you give up when you make an economic choice is called a ___.
Trade-off
Opportunity cost
Cost-benefit analysis
marginal cost
- 4. Multiple ChoiceIs this shelter a want or a need?WantNeed
- 5. Multiple Choice
The value of the next best alternative, or what you give up by choosing one alternative over another.
Scarcity
Opportunity Cost
Cost-benefit analysis
Marginal Cost
- 6. Multiple Choice
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
- 7. Multiple ChoiceExamining the cost and the expected benefits of a choice is an aid to decision makingTrade-offCost-benefit analysisMarginal CostMarginal Benefit
- 8. Multiple ChoiceOpportunity Cost is best defined asThe best rejected alternative you give up when making a decisionThe price you pay to purchase somethingThe benefit you gain by making a decisionThe amount of debt you take on by making a decision
- 9. Multiple Choice
You visit the doctor for a checkup.
Good
Service
- 10. Multiple Choice
Define needs.
system of selling and buying goods and services
things we need to survive
things we would like to have, but do not need to survive
The thing that you lose when you choose to buy something else
- 11. Multiple ChoiceWhy does every economic decision involve an opportunity cost?scarce resources and unlimited wantsfew decisions have marginal benefitprices are always too hightrade-offs are impossible
- 12. Multiple Choice
What is the fundamental problem of every society?
labor costs
scarcity
economic interdependence
market fluctuation
- 13. Multiple Choice
In economic terminology land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
- 14. Multiple Choice
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
- 15. Multiple Choice
Wants =
system of selling and buying goods and services
things we need to survive
things we would like to have, but do not need to survive
The thing that you lose when you choose to buy something else
- 16. Multiple Choice
Forests are examples of...
Land
Labor
Entrepreneurs
Capital
- 17. Multiple Choice
You go to a barber and get a haircut.
Good
Service
- 18. Multiple Choice
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
- 19. Multiple Choice
A bulldozer is an example of...
Land
Labor
Entrepreneurs
Capital
- 20. Multiple Choice
After lunch, you buy a hot dog, chips and candy from the concessions cart.
Good
Service
- Answer choicesTagsAnswer choicesTags