Econo-Quiz

Opportunity Cost is best defined as

• the value of the next best alternative that is given up due to the choice you made 
• The price you pay to purchase something 
• The benefit you gain by making a decision 
• The amount of debt you take on by making a decision 

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money
• by making choices
• by stealing
• by setting a budget

In economics, resources are: 

• Anything used to create something else
• The environment in general
• Specifically lumber and water
• Capital only

Workers

• Land
• Labor 
• Capital
• Entrepreneurship

Tools

• Land
• Labor 
• Capital
• Entrepreneurship

Raw materials (i.e. cotton, oil...etc.)

• Land
• Labor 
• Capital
• Entrepreneurship

The people who bring all the factors together to create something are practicing

• Land
• Labor 
• Capital
• Entrepreneurship

The study of economics is primarily concerned with:

• demonstrating that capitalistic economies are superior to socialistic economies. 
• determining the most equitable distribution of society's output.
• keeping private businesses from losing money.
• choices/decisions that are made due to lack of resources

In economics, the value of the next best alternative is called _________.

• Scarcity
• Productivity
• Opportunity Cost
• Supply and Demand

Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys

• Demand
• Needs
• Wants
• Presents