Southeast Asia End of Unit - Economies

What is a "service" in the context of economics?

• a natural resource
• a type of software
• a physical product that can be stored and used
• an action that cannot be held or touched

What drives economic choices and decisions in society?

• an unlimited supply of natural resources
• technological advancements
• communist governments
• scarcity of resources and unlimited wants

What does scarcity mean in economics?

• A situation where resources exceed wants and needs
• The abundance of resources available in nature
• Having a limited supply of resources to meet unlimited wants and needs

What are considered resources in economics?

• capital, machines, and labor
• people's wants and needs
• Only natural resources like water and minerals
• Only human resources and intellectual property

What does economics primarily study?

• The study of geographical features and their influence on culture
• The study of historical events and their impact on society
• The study of political systems and governance
• The study of the choices people make to satisfy their wants and needs with limited resources

Which of the following best describes the role of supply and demand in a market economy?

• It determines the literacy rate of the country
• It influences prices of goods and services
• It does not impact the economy

"Regulation" in economics means...

• How hard people work in an economy
• How hard it is to get materials for a business
• The amount of government control in an economy

"Distribution" in economics refers to....

• How resources/ goods are accessible or made available to people

• Giving people an equal amount of money to start a business
• Having strict government control over taxes from selling goods

"Production" in economics refers to....

• How a good is made
• Determining what goods to make
• Determining what materials and machines to use

• All of these are true

"Opportunity Cost" refers to...

• How much tax is for a product

• What is "costs" a consumer to choose to buy a particular good
• The price of a product