Economics Unit 1 Test #1
Quiz by April MacNamee
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15 questions
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- Q1limited resources to satisfy our unlimited needs/wantsScarcity30s
- Q2something we desire, but not needed for survival, different for everyone, and change overtimewant30s
- Q3something needed for survival, they are the same for everyone and never changeneed30s
- Q4vacation, iPhone 8, designer clothes, diamond ringexamples of wants30s
- Q5air, shelter, drinking water, clothingexamples of needs30s
- Q6having to choose between two things-not always all or nothingtrade-off30s
- Q7the value of what you gave upopportunity cost30s
- Q8weighing the pros and cons of a transaction or choicecost benefit analysis30s
- Q9social science that deals with the choices that are made as a result of scarcityeconomics30s
- Q10debate between spending resources on public goods or military (defense)guns and butter30s
- Q11There is no such thing as a free lunch because every choice has a cost associated with itTINSTAAFL30s
- Q12benefit or satisfaction from consuming a productutility30s
- Q13physical object that can be bought such as shoes or coffeegood30s
- Q14work that people do for others such as giving a massage or counselingservice30s
- Q15something that encourages us to act or certain way, such as an award for winningincentive30s