Economics Final

Wants are...

• desires for things that may or may not be necessities
• desires that can only be obtained by spending money
• are only tangible goods
• are only intangible goods

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money
• by making choices
• by stealing
• by setting a budget

In economics, resources are: 

• Anything used to create something else
• The environment in general
• Specifically lumber and water
• Capital only

The Law of Demand states that if the price for a good or service increases, consumers will demand more of that product.

• True
• False

What is profit?

• Stock prices

• Financial gain made after costs are subtracted

• Marginal Cost

• Surplus

In economics, there are four things needed to produce goods and services known as the Four Factors of Production. Which of the following is NOT a factor of production?

• Land

• Labor

• Stock Market

• Entrepreneurship

• Capital

Economics is...

• the study of how to fill human wants and needs with limited resources

• the study of people and how they spend their money
• the study of how people need to budget their money
• the study of how to meet limited wants with limited resources

Who buys goods or services?

• Producers 
• Consumers 
• Leaders
• Followers

Goods or services that are necessary for day-to-day survival and well-being. Examples: food, clothing, shelter

• Demand
• Needs
• Wants
• Presents

A market that has a few sellers of basically the same goods.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly