Econ Review Prior to Spring Break 22-23

Not being able to satisfy all wants at the same time.

• Goods

• Services

• Scarcity

A selection of an item or action

• Goods

• Services

• Choice

What is given up when a choice is made.

• Goods

• Services

• Opportunity Cost

Which is NOT a resource that makes goods & services?

• Natural

• Human

• Capital

• Entrepreneurial

• Economy

The following are examples of...

Buying groceries, ordering from Amazon, getting gas, a McDonald's vanilla milk shake, buying a new shirt, buying new shoes.

• Goods

• Services

The following are examples of...

Getting a hair cut, going through the drive thru, getting a delivery from Amazon, picking up your dry cleaning.

• Goods

• Services

The United States is which type of economy?

• Mixed Economy

• Free Market Economy

• Command Economy

• Traditional Economy

These words describe which type of economy...

private property, competition, earn profits, consumer sovereignty, free enterprise, limited government involvement, and exchange.

• Traditional

• Command

• Free Market

• Mixed

Apple and Google are which type of business?

• Corporation

• Partnership

• Proprietorship

Ben & Jerry's began as what type of business?

• Corporation

• Partnership

• Proprietorship