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A basic requirement for survival is a

What does the study of economics involve looking at?

Basics of Economics

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1
What does the study of economics involve looking at?
limited wants and unlimited resources.
limited wants and limited resources.
unlimited wants and limited resources.
unlimited wants and unlimited resources.
2
A basic requirement for survival is a
opportunity cost
paradox of value
need
want
3
What does the law of supply state?
Producers will produce more of a good as the price of the good increases.
As demand decreases, supply increases.
As demand increases, supply decreases.
Producers will produce more of a good as the price of the good decreases.
4
Who was known as the father of economics?
Adam Smith
Thomas Malthus
Grover Cleveland
Ricardo Moltaban
5
Because all our needs and wants cannot be met, we have to make ________.
dreams
resources
laws
economic choices
6
All goods and services are scarce?
True
False
7
Economics is the study of the ______ and distribution of goods and services.
selling
trading
destroying
production
8
Which term did Adam Smith use to discuss the motivations of producers in the market place?
consumer sovereignty
the invisible hand
production possibilities
the want factor
9
In terms of the law of demand, what is said to occur when the price of a good increases?
The quantity demanded increases.
The quantity demanded remains the same.
there is no affect on the quantity demanded.
The quantity demaded decreases.
10
What of the following is an example of a want?
shelter
a new entertainment system
clothes
water