15 questions
Identify the following as a good, service, or neither:
CD player
Identify the following as a good, service, or neither:
Cleaning a neighbor's pool
Identify the following as a good, service, or neither:
doing homework
Economic efficiency is achieved if the available resources are used in a way that supports the production of the ______________ possible goods.
maximum
minimum
When focusing on the goal of ___________, people work to increase the size, number, or output of goods and services.
Economics
Security
Efficiency
Growth
Because of conflicting desires among players in the free market, the ______________________must make and enforce laws against ______________________and fraud.
producers, stealing
producers, coercion
government, coercion
government, stealing
Select the economic indicators discussed in the lesson
Trade
Consumer Price Index (CPI)
Deflation Rate
GDP
Unemployment Rate
________________is a simple approach for deciding to go with one decision over another.
Analysis
Benefit analysis
cost analysis
Cost benefit analysis
Which option is true about how costs and benefits are calculated?
Money is a cost that everyone calculates the same way.
Non-monetary efforts like time, effort, and sacrifice are part of cost.
The cost of something is equal to its benefit to someone else.
Everyone gets more benefit from something when they have less of it
When the supply of something is low and the demand is high, then the price will be high.
False
True
__________is having unlimited wants with limited resources.
Choice
Needs
Demands
Scarcity
The question, "What is to be to produced?" is an economic question.
True
False
Identify the factor(s) of production.
Land
capital
labor
investors
Which options are facts of life?
Economic goals are sometimes incompatible.
Goods can be produced to meet all needs and wants
Scarcity can be eliminated by making good allocation decisions
It is possible to satisfy everyone’s desires.
Resources for producing goods and services are limited.
There are laws against theft, coercion and fraud.
False
True