Intro to Economics

Front

Economists build economic models

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to help analyze the way the world works.

Front

Which of the following is the best possible description of economics? The study of how we make decisions in a world where resources are limited, The study of how we make decisions in a world where resources are unlimited, The study of how we make decisions in a world where we have plenty of resources, The study of how we engage with the economy on a personal basis every day

Back

The study of how we make decisions in a world where resources are limited

Front

Which of the following is not one of the three economic questions that need to be asked? For whom to produce, what to produce, why is it produced, how to produce

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why is it produced

Front

The United States has this type of economic system

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Free Market

Front

Food, water, shelter, and clothing is considered to be a

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Need

Front

Things that you desire but do not require in order to live are considered

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Wants

Front

Which of the following occurs when there are not enough resources to meet the unlimited needs/demands of people? Trade off, Opportunity cost, Scarcity, Limitations

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Scarcity

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How does scarcity impact meeting our needs and wants?

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We have unlimited desires however there are limited resources so we must make choices between needs and wants.

Front

Choosing between building a new school or improving a wastewater treatment plant is an example of

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deciding WHAT to produce

Front

In a _____ most economic decisions are made by individuals looking out for their own interests

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Free Market