Economic Basics

Front

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

Back

Scarcity

Front

The highest-valued alternative that must be given up to engage in an activity.

Back

Opportunity Cost

Front

________________ is the study of how people decide what they want and what they are willing to pay or give in order to get it.

Back

Economics

Front

Panic At The Disco is on tour! Tickets have almost sold out. Since supply of tickets is low, what will likely happen to the price?

Back

Increase

Front

Soil, minerals, air, water, and coal are all examples of

Back

natural resources

Front

How do you satisfy your unlimited wants in a world of limited resources? Options: by making more money, by making choices, by stealing, by setting a budget

Back

by making choices

Front

Is this shelter a want or a need?

Back

Want

Front

Which of the following is a market structure with only a single seller of a particular product? Oligopoly, Demand, Supply, Monopoly

Back

Monopoly

Front

An entrepreneur is someone

Back

who starts a new business.

Front

The study of behavior of individual households, firms, and governments...

Back

Microeconomics