AP 9 – EKONOMIKS First Quarterly Assessment

One branch of Social Science that studies how to address the seemingly endless needs and wants of people using limited resources.

• Anthropology

• Demography

• Sociology

• Economics

Economics comes from the Greek word oikonomia, where oikos means house, and __________ management.

• Nomia

• Nomos

• Nomesia

• Noikos

This refers to the choice or sacrifice of one thing in exchange for another.

• Opportunity Cost

• Trade-Off

• Incentive

• Marginal Cost

Refers to the value of a thing or the best alternative that one is willing to give up for every decision made.

• Opportunity Cost

• Trade-Off

• Incentive

• Marginal Cost

An important concept in Economics that means additional value.

• Opportunity Cost

• Trade-Off

• Incentive

• Marginal Cost

If you are a rational student, how should you make decisions?

• Considering religion, beliefs, aspirations, and traditions

• Considering interests and preferences

• Considering trade-offs and opportunity costs in decision-making

• Considering attended occasions

The study of Economics is important because it helps in good management and making wise __________.

• Behavior

• Habits

• Decisions

• Programs

Exists because resources are limited and human needs and wants are endless.

• Scarcity

• Shortage

• End

• Lack

Occurs when there is a temporary shortage in the supply of a product.

• Scarcity

• Shortage

• End

• Lack

This is a model that shows strategies for using factors to create products.

• Law of Demand

• Law of Supply

• Production Possibilities Frontier

• Ceteris Paribus