Scarcity and unlimited wants force the government to ____________________________________.

decide how to manage resources better and use them in the best way possible

the tension between our limited resources and our unlimited wants and needs

Economists are interested in __________________.

The wants and needs we purchase.

Economics is the study of _______________________________.

human behavior attempt to fulfill needs and wants

As humans, we face the problem of having only limited resources with which to fulfill your wants and needs. As a result:

We make certain choices with our money

Economists are also interested in why _______________________.

we still buy milk even if it increases in price.

Adam Smith studied _____________________.

The discipline of economics & why some countries prosper while others fall

The two branches of economics are:

Microeconomics & Macroeconomics

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Partial 2: Economics' Basics Review

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Questions 15

Answers

1
Economists are interested in the decisions we make where we allocate resources.
True
False
2
Scarcity and unlimited wants force the government to ____________________________________.
be a poor country in poverty
make laws telling people what they can and cannot buy
decide how to manage resources better and use them in the best way possible
lose power
3
The "Father of Modern Economics" is:
Dwight Schrute
Michael Scott
Jon Smith
Adam Smith
4
Economists count on the fact that humans will _________________.
not spend their money and save for a vacation
buy their wants AND needs
spend too much money
budget their money
5
What is scarcity?
the tension between USA and Russia
the tension between unlimited resources and unlimited wants and needs
the tension between our limited resources and our unlimited wants and needs
the tension between wants and needs
6
Macroeconomics is ________________.
the total output of a nation
the money a country makes in exports
All the businesses in a country
the total money a country makes with food
7
Economists are interested in __________________.
The food we buy.
The needs we purchase.
The computer we buy.
The wants and needs we purchase.
8
Economics is the study of _______________________________.
How much money a country spends
the wants and needs of animals
human behavior attempt to fulfill needs and wants
How much money a country gains in exports.
9
As humans, we face the problem of having only limited resources with which to fulfill your wants and needs. As a result:
We save a lot of our money
We make bad decisions with our money
We make certain choices with our money
We gamble at the casino
10
Scarcity is the tension between our limited resources and our unlimited wants and needs
True
False
11
Microeconomics focuses on _____________________.
Individual people
Individual technological purchases
Individual animals
Individual food purchases
12
Economists are also interested in why _______________________.
vegan food choices are more expensive
we still buy milk even if it increases in price.
we spend so much money on clothes
we eat Taco Bell because we didn't budget well
13
Adam Smith studied _____________________.
the Mexican Pesos in comparison with the US Dollar
possible solutions to a strong economy
The science of economics and why things are so expensive
The discipline of economics & why some countries prosper while others fall
14
Economists are interested in the _________________.
who plays the lottery
financial choices we make
the stock market
money, money, and more money
15
The two branches of economics are:
Microrganisms & Macrocalories
Microeconomics & Macrocalories
Microeconomics & Macrorganisms
Microeconomics & Macroeconomics

Partial 2: Economics' Basics Review Flashcards | StudBud