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Econ Final 2023

Quiz by Micheal Rubosky

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91 questions
Show answers
  • Q1
    a social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants.
    Economics
    300s
  • Q2
    Inputs that can be transformed into goods and services (natural, human, capital, and entrepreneurial talent)
    Resources
    30s
  • Q3
    a condition that exists between unlimited wants and needs and the limited resources available to satisfy them, requiring people to make choices.
    Scarcity
    30s
  • Q4
    The highest valued alternative given up as a result of making a choice .
    opportunity cost
    30s
  • Q5
    Something that encourages different behaviors and choices.
    incentives
    30s
  • Q6
    A negative or withdrawn reward. ( Fines or Punishments )
    disincentives
    30s
  • Q7
    Making rational choices by weighing benefits and costs, including opportunity costs.
    Economic Reasoning
    30s
  • Q8
    Items or services that you must have in order to live.
    Needs
    30s
  • Q9
    Assign or distribute a resource, good, or service.
    allocate
    30s
  • Q10
    things that add comfort and pleasure to your life
    Wants
    30s
  • Q11
    When each trading partner focuses on producing goods or services within a limited area of expertise.
    Specialization
    30s
  • Q12
    Buyers and sellers willingly trading goods, services, effort, and money with an expectation of being better off than before.
    voluntary exchange
    30s
  • Q13
    A motivating factor that leads individuals to focus on those actions and choices that promise the most personal benefit and involve the least cost.
    Self-Interest
    30s
  • Q14
    Money earned through the productive employment of resources. Wages, salaries, rent, and interest are the four main sources of income.
    Income
    30s
  • Q15
    A person who buys goods and services.
    Consumer
    30s

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