Exam - Intro to Economics 2025

Front

Things used to create products to satisfy people's want and needs:

Back

resources

Front

People who use resources are known in Economics as:

Back

Consumers

Front

People who use resources to create something for others are known in Economics as: Consumers, Producers, Economists

Back

Producers

Front

The most basic economic problem: Limited resources, Scarcity, Unlimited wants, All of these

Back

All of these

Front

A bank deposit, a haircut, and mail delivery are all examples of:

Back

Services

Front

A Chromebook, an Xbox, and a cell phone are all examples of:

Back

Goods

Front

Air Jordan's, an Apple Watch, and a Mercedes are all known as:

Back

Wants

Front

Food, shelter and water are all examples of:

Back

Needs

Front

What is Economics?

Back

the study of people and choices

Front

Which of the following is NOT a Factor of Production? Land, Labor, Scarcity

Back

Scarcity