Scarcity, decision making, allocation, and incentives

What drives businesses towards action that increases wealth?

• profit

• shareholder satisfaction

• satisfies employees

• market share

Love is an example of what type of incentive?

• Monetary

• Personal

• Tangible

• Non-monetary

Which group do incentives influence to change their behavior?

• Buyers

• Sellers

• Both buyers and sellers

• None of these answers.

In the PACED Decision-Making Process, you evaluate alternatives based upon what?

• Money available

• Criteria identified

• Peer pressure

• Needs and wants

Which step in the PACED Decision-Making Process are you using when you list what you want to accomplish?

• Identify the problem

• Evaluate the alternative

• Make a decision

• Identify the criteria

What does the "P" in the PACED Decision-Making Process stand for?

• Implement the program

• Identify the problem

• Identify the procedures

• Make a plan

In what type of economy allocation do government officials determine how to produce goods/services?

• Government

• Command

• Market

• Traditional

An economic system answers three questions about goods and services. Which of the following option is NOT one of these questions?

• What to produce?

• Who receives the products?

• How to produce?

• Where to produce?

In what type of economy allocation do individuals and firms determine what will be produced?

• Government

• Command

• Market

• Traditional

In economics there are 4 types of resources. Which of the following is NOT a type of resource?

• Land

• Money

• Labor

• Entrepreneurship