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ECONOMICS
Fixed expenses are
Which of the following is not a natural resource?
ECONOMICS
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1
Which of the following is not a natural resource?
TREES
PLASTIC
SOIL
METAL
2
Fixed expenses are
Expenses that change from month to month
Expenses that happen every once in a while
Expenses that cost the same every month
Money you put in savings
3
opportunity
share knowledge
period of time when one is a child
chance for something better
state of being poor
4
Who used the term opportunity cost for the first time?
Friedrich von Wieser
David Ricardo
Paul Krugman
William Easterly
5
Define Scarcity
A limited amount of resources compared to prices.
A social science dealing with people's needs and wants.
A fundamental problem in society.
Needs and wants outweigh the amount of resources available.
6
Capital is...
The exclusive right to produce a product
Building occupied by state legislator
Manufactured goods used to produce other goods and services
The knowledge and skills of workers
7
Another name for the free market economic system is...
command
custom
commercial
capitalism
8
What is opportunity cost?
Buy something more expensive
Maximal sacrificed alternative to make an economic decision.
Buy something cheaper
Produce goods and services at the lowest possible cost
9
Consumers are buyers or users of goods and services.
False
True
10
What can Natural Resources also be referred to?
Extractors
Materials Produced in a factory
All of the above
Raw Materials
11
What is scarcity
unlimited resources
renewable resources
no resources
resources are limited
12
Trees are NATURAL RESOURCES used to make everyday items. Which are also NATURAL RESOURCES?
Bowls and plates
Books and paper
Rock and minerals.
Cars and buses
13
scarcity
the price
too much of something
a movie
when there is not enough of something
14
Which economic system has little government control?
Traditional
Market
Command
Free-Enterprise
15
What is an economic system?
A method a country use to make decisions in different ways
The method a country uses to answer consumer wants
The resources are owned and controlled by the people
The resources are owned and controlled by government
16
economic system that is based on private ownership of the factors of production
competition
capitalism
consumer sovereignty
market
17
What do consumers do?
Eat food
Consume an excessive amount of paper
Purchase goods and services
Consume an exceesive amount of vitamins
18
Which of the following is a need?
WATER
SUNGLASSES
CAR
PIZZA
19
What is a command economy
an economy driven by country's individual citizens
an economy controlled by traditions, customs, and beliefs.
an economic system combining private and public enterprise.
an economy controlled centrally by a government.
20
Human Capital is...
Machinery used to produce goods and services
The exclusive right to produce a product
The size of the labor force
The knowledge, skills, and education of workers
21
What is scarcity?
Unlimited resources, limited wants
Unlimited wants
Unlimited wants, limited resources
Limited resources
22
This economic system does NOT allow private property to be owned by citizens
traditional
communism
socialism
free market
23
a social or economic system built on manufacturing industries. This means...
Industrial goods
Industrialism
Urbanization
Mercantilism
24
What do producers do?
Make movies
Make and sell goods and services
Sell flowers
Not sure
25
Natural resources are located all over the Earth.
True
False
26
This Economic System involves traditions and customs guiding the decisions.
Market Economy
Traditional Economy
Mixed Economy
Command Economy
27
Define Opportunity Cost
The Alternative Cost
The Value of the Best Alternative
The Price of an Alternative Cost
The Value of the Next Best Alternative
28
Which Economic System does the present-day United States follow?
Command Economy
Market Economy
Mixed Economy
Traditional Economy
29
Revenue
income of a company
to keep (something) for a special or future use
opposite or contrary to a previous or normal condition
printing proof that incorporates change in a previous proof
30
Which is
not
true about a Free Market Economy?
There is no economic plan
There is limited government control on what/how to produce
The market determines prices
Resources are owned by the government
31
define opportunity cost
the price of a good or service increases
total satisfaction received from consuming a good service
a group of buyers and sellers
the benefits you could have received
32
In which economic system does the government control prices?
Both (A) and (B)
Free Enterprise
Socialism
neither (A) or (B)
33
In which economic system did people do generally what their ancesters did?
free market
communism
traditional
socialism
34
What are some examples of natural resources?
Water, Soil and Timber
Water, Windmills and Timber
Wind turbines, Soil and Dirt
Caddo, Jumano, Comanche and Kiowa
35
What is a trade-off?
Something you can't do
Jumping up and down
Swimming
Giving up one thing for another
36
Which of the following is a want?
WATER
FOOD
SHELTER
VIDEO GAMES
37
Which of the Following is a Fixed Cost
Gasoline Cost
Mechanic Bill
Insurance
Tire Replacement
38
What are the three economic questions?
What goods and services will be produced?
What needs and wants will be satisfied?
How will the goods and services be produced?
39
What are consumers.
Choose the Demand.
Cannibals
The buyers of products
They produce stuff.
40
What is a need?
Something you sell
Something that you need to live
Something expensive
41
economic system in which the government makes all economic decisions
traditional economy
market economy
command economy
centrally planned economy
42
What is a variable expense
A cost that you don't need to spend
Its a cost that never changes
Something you need
It is a cost that changes due to production
43
Example of a fixed expense
An Xbox one
Rent
A bike
Groceries
44
Economics is the study of...
money
trade
how people make decisions
opportunity cost
45
What does Scarcity mean?
to have a whole lot of something
never walking
Not having much of a resource
to eat banana's
46
Variable expenses are
Expenses like rent and utilities
Expenses that may change from month to month
Expenses that cost the same amount every month
Money that goes into your savings account
47
Who benefits the most from capitalsim?
The top class.
Mesabi east.
The bottom class.
The middle class.
48
a Market Economy is ran by the __________________?
Government
Committee
People
Culture
49
What's an opportunity cost?
Paying someone
When you have a choice to do or buy one thing or another
PAY DAY!
When you have to buy one thing
50
What is economic growth?
organized ways a country decides how to use its resources
occurs when a country's output exceeds its population
Differences between the offerings of a business
51
Capital resources include
Tractors, sheds, irrigation system
Vehicles, buildings, computers
All of the above
Cash register, store fittings, stock
52
the number of items consumers want to purchase
capital
demand
interest
economics
53
What is the one of the natural resources
brownies
chairs
candy
coal
54
What is Opportunity Cost?
What you are going to get
What happened in the past
What you recieved
What you gave up
55
What are NATURAL RESOURCES?
Minerals and petroleum
Any natural material that is used by humans
Water and air
Plants and animals
56
What is opportunity cost?
Total cost
Trade-offs
The basic relationship between scarcity and choice
How much money is needed to start a business
57
This Economic System involves individuals and business making the bulk of economic decisions
Market Economy
Command Economy
Mixed Econonmy
Traditional Economy
