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Section 1 Econ Quiz

Macroeconomics is...
How people make decisions
The study of how a person spends their money
The study of the economy as a whole
Which of the following is not an example of a good?
An apple
A computer
Iced Tea
A haircut
Scarcity happens because...
People spend too much money
People’s income and time are limited
People need more goods and less services
Scarcity always exists.
True
False
Shortage is determine by..
Price
Taxes
The government
All choices have both.. (choose 2)
Benefits
Costs
Decisions
Choices
Giving up something to obtain another thing is known as a:
Trade-off
Swap
Sacrifice
Value of the next best alternative given up for the alternative that was chosen.
Economic freedom
Opportunity cost
Banking
Basic needs include: (choose all that apply)
Couches
Food
Shelter
Health care
Clothing
Water
Car
Can everyone get their wants?
Yes
No
Is it possible for everyone to get their needs?
Yes.
No.
Factor
Refers to markets where services of the factors of production are bought and sold such as the labor markets, the capital market, the market for raw materials.
Where goods and services produced by businesses are sold to households
Product
Refers to markets where services of the factors of production are bought and sold such as the labor markets, the capital market, the market for raw materials.
Where goods and services produced by businesses are sold to households
What are the four factors of production?
Land
labor
Capital
Socialism
Communism
Isolationism
Market economy
Entrepreneurs
Allocative Efficiency
Occurs when the economy is utilizing all of its resources efficiently
Is a type of economic efficiency in which producers produce only those types of goods and services that are more desirable in the society while in high demand
Productive Efficiency
Is a type of economic efficiency in which producers produce only those types of goods and services that are more desirable in the society while in high demand
Occurs when the economy is utilizing all of its resources efficiently
The maximum output of a combination of goods and services that can be produced from a _____________ of resources in a given period of time.
Large amount
Fixed amount
Small amount
Negative amount
is the study of the individual consumers and businesses
Economics
Microeconomics
Macroeconomics
PPC
Something a person would like to have, but it is not necessary for survival
Want
Need
Specialty
Something a person cannot live without
Request
Need
Basic component of life
Luxury
Economics is...
The study of life and money
The study of how people interact with each other and how that effects the environment
The study of how people make decisions, based on needs and wants, due to limited resources
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