Econ Unit 1 Test

Which of the following is not one of the characteristics of an item being scarce?

• Desirable

• Limited Supply

• Have multiple uses

• Unlimited Supply

A positive incentive

• Is a punishment

• Is a reward

• Cost more to make

• Is limited in supply

A negative incentive

• Is a punishment

• Is a reward

• Cost less to make

• Is limited in supply

Which of the following is the difference between a want and a need?

• A want is something you desire and a need is essential

• A want is something you purchase and need is a service you pay for

• A want is essential and a need is something you desire

• A want is limited while a need is unlimited

Activities provides by others like lawn care service and haircuts are called

• Goods

• Products

• Services

• Capital Resources

Natural resources like wood and water are considered what type of resource in economics?

• Labor resources

• Inflation resources

• Service resources

• Land resources

Human resources are also called

• Labor resources

• Land resources

• Entrepreneurship

• Capital resources

Man made resources are all

• Business resources

• Capital Resources

• Human resources

• Labor resources

Being a risk taker and owning businesses is called

• Inflation

• Production

• Consuming

• Entrepreneurship

Everything you give up when you make a decision is called

• Trade Offs

• Decision Making Models

• Opportunity Costs

• Risk Taking