Economics Ch.1

A need is fulfilled by ______.

• video games

• food

• jewelry

• movie tickets

The study of how people choose to use scarce resources to satisfy their wants is called __.

• choice

• economics

• entrepreneurship

• scarcity

The ongoing tension of not having enough resources to meet human wants is called

• need

• scarcity

• shortage

• surplus

Physical products that can be purchased are called

• bonds

• services

• goods

• stocks

The human time, effort, and talent that go into the making of products is called

• captial

• labor

• knoledge

• scarcity

What three economic questions does scarcity require every society to address? Mark all that apply

• What will be produced?

• What is the price of the produce?

• How will it be produced?

• For whom will it be produced?

Benefits offered to encourage people to act in certain ways are _____

• incentives

• motives

• utilities

• wants

The benefit or satisfaction gained from the use of a good or service is called a(n) __

• cost

• incentive

• utility

• desire

The alternative you give up when you make an economic choice is a(n) ____

• compromise

• option

• trade-off

• utility

A cost-benefit analysis is often organized by using a(n) ___.

• decision-making graph

• decision-making grid

• incentive grid

• incentive graph