U1 Econ Basics

What is scarcity?

• Unlimited resources and limited wants

• Unlimited wants and limited resources

• City where Scare lives

• Limited resources

The whole reason we study Economics is because of...

• Money

• Government

• High school credit

• Scarcity

Opportunity cost is when...

• you give up something to gain something

• you give up everything

• you gain nothing

• you give up nothing to gain something

Check all that apply: What would be my opportunity cost if I went to the movies with my friends.

• Hanging with my friends

• Studying time

• Sleeping time

• Seeing the movie

Check all that apply: Which of the following are considered 'need?'

• Water

• Shelter

• Air

• Food

Check all that apply: Which of the following are considered 'wants?'

• Water

• Phones

• Cars

• Laptops

Check all that apply: Which of the following are Economic Systems?

• Command

• Empire

• Traditional

• Market

Check all the apply: Which of the following are TRUE about a market economy?

• Consumers are highly satisfied

• Wide variety of goods and services

• Right to private property

• Government controls all resources

Check all that apply: Which of the following are FALSE about a Command Economy?

• Allows for consumers to have a say

• Government controls all resources

• Little to no pay for health care

• Allows innovation

Which one is NOT a factor of production?

• Land

• Money

• Capital

• Labor