Econ Introduction G7 Midterm

________is when we trade one thing for another without using money.

• borrow

• money

• barter

Which choice best describes the economic problem of scarcity in the world?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

Which of the following are examples of goods?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which of the following are examples of services?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which type of economy allows the government to determine what to produce, how to produce it, and who gets it?

• Command Economy

• Market Economy

• Traditional Economy

Which type of economy allows past customs and family tradition to determine what to produce, how to produce it, and who gets it?

• Command Economy

• Market Economy

• Traditional Economy

Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?

• Command Economy

• Market Economy

• Traditional Economy

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

The using up of a resource

• scarcity
• supply
• services
• consumption

How much people want something

• supply
• demand