10 questions
What best describes a want?
An unnecessary object
A commodity that fulfills a desire
An expensive object
A derived need
What do people respond to in predictable ways?
Problems
Incentives
Solutions
Choices
Which is NOT a major economic problem?
When to produce?
What to produce?
How to produce?
For whom to produce?
Economics is said to deal mostly with the ____________ of resources.
Deprivation
Allocation
Usage
Consumption
Countries and states utilize this to solve the problem of allocation.
Culture and Norms
Rules and Regulations
Economic Systems
Fiscal Policies
When economists say that resources are scarce, it means that they are what?
Limited
Lacking
Overflowing
Rare
According to the basic economic principles, what creates wealth?
Voluntary Work
Voluntary Trade
Business Transactions
Business Management
Aside from the actual monetary / resource cost, what other cost is incurred when decisions are made?
Chance Expense
Trade off
Equivalent Exchange
Opportunity Cost
Allocation and scarcity is a problem because people have unlimited ____________.
problems
wants and needs
resources
desires
They say that economics is the science of ____________.
Money
Country Growth
Opportunities
Decision Making