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21 questions
Which of the following are needs
Dogs
Water
Shelter
Frappucinos
Complete the sentence: Scarcity mean Supply is
Less than Demand
Greater than Demand
Equal to Demand
A warm fuzzy feeling in my tummy
Complete the rule: The scarcer an item is…
The colder the weather
The more Supply there is
The less its value
The greater its value
Opportunity cost is
Every alternative you could ever missed out on
The next best alternative you missed out on
The worst decision you’ve ever made
How much money it takes to purchase a product
The dot at X is best described as:
Efficient
Inefficient
Unfeasible/Impossible
The dot at Y is best described as:
Efficient
Inefficient
Unfeasible/Impossible
The dots at A, B, and C are best described as:
Efficient
Inefficient
Unfeasible/Impossible
Efficient means making the ______ use of my scarce resources
Calculate the opportunity cost of moving from point A to point C on this table
25 Flower
20 Flowers
3 Pots
1 Pot
Define economics
A social science which studies how humans attempt to satisfy their infinite needs and wants using scarce resources
A biological study of the uninhibited behaviours of humans in satiated states
Tick the 2 normative statements only
If inflation increases by 10% in Ireland trade with the UK will fall by 20%
Prices are too high for poor people in Ireland
The number of cars sold in 2022 will be greater than the number of cars sold in 2021
The government isn’t doing enough to combat homelessness in Ireland
In a centrally planned economic system the decision about how scarce resources are allocated is made by…
The Government
The Citizens
Mr. Garry
The tallest person
In a Free Enterprise economic system the decision about how scarce resources are allocated is made by…
The Government
The citizens
Mr. Garry
The shortest person
Select the 3 advantages of the Free Enterprise Economic System
Competition between firms decreases prices
Factors of production are rewarded with incomes
Consumers have a large choice of goods and services
Businesses may exploit consumer
There are few decisions to make
Normative statements are based on ________
Positive statements are based on _______
What is one disadvantage of a centrally planned economic system?
There is too much variety of production
Poor people receive too much money
There is little incentive for innovation or creativity
What is the primary focus of microeconomics?
The study of individual markets and consumer behavior
The analysis of national economies and global trends
The exploration of historical economic systems
The examination of weather patterns and their economic impact
What is the primary focus of macroeconomics?
The study of individual markets and consumer behavior
The analysis of national economies and global trends
The exploration of historical economic systems
The examination of weather patterns and their economic impact
Which of the following best describes a mixed economy?
An economy where all resources are owned by the government
An economy with no government intervention
An economy that combines elements of both government and private
An economy that relies solely on barter trade
Define economics
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