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Economics Final
What is a want?
The definition of Scarcity is..
Economics Final
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an economics final review game
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34
Answers
1
The definition of Scarcity is..
a city where people use unlimited wants and needs
unlimited amount of resources for limited wants and needs
When people use time and energy to create events
limited amount of resources for unlimited wants and needs.
2
What is a want?
Purple
Something you need to live
A person
Something you would like to have but don't need to live
3
When there is a shortage the price will usually?
fall
rise
equilibrium
remain the same
4
Goods which can be used in place of one another
Complementary Goods
Substitutes
5
Bushmen of the Kalahari Desert the people follow the examples of their ancestors. What is this?
Command
Market
Centrally planned
Traditional
6
The four types of economic systems are:
Traditional, Command, Mixed, & Market
Traditional, Command, Combined, & Market
Communism, Capitalism, Free Market, and Macroeconomics
Microeconomics, Macroeconomics, Individual, and Traditional.
7
What are these? Land, labor, capital, and entrepreneurship.
Infrastructure
Capital
Factors of production
Economy
8
A lawnmower is an example of...
labor
land
entrepreneur
capital
9
What are the 3 economic questions?
Where to produce? When to produce? Why to produce?
Why to produce? Tell who to produce? Things to produce?
What to produce? How To Produce? For whom to produce?
Who to produce? Why you produce? Like to produce?
10
The goods used in the production process such as factories, machinery and equipment.
Labor
Resources
Land
Capital
11
Which of these persons is an Entrepreneur?
A person who works as a highly paid computer programmer
A person who starts an organic cleaning supplies business
A person who made a game and sells it to a game company
A person who earns a lot of money as a singer or dancer
12
When the price of a good or service is high consumer demand will usually be...
average
low
unpredictable
high
13
Which one of these is NOT a cause of scarcity?
Poor Distribution of Resources
limited amount of things to meet unlimited wants and needs.
Rapid Increase in Demand
Personal Perspective
14
A command economy is when the government is in control.
false
true
15
"The ultimate decision should be the most_____________, profitable outcome"
problematic
timely
efficient
logical
16
When you choose between two possible uses for a resource, giving up an alternative for another.
Trade Offs
Real Costs
Trading spaces
Building materials
17
An economic system in which economic decisions are made according to social roles & culture.
Mixed economy
Command economy
Market economy
Traditional economy
18
Which of these is increasing physical capital?
Building extra space in a factory to simplify production
Lowering workers’ wages to increase profits
Switching from oil to coal to make production cheaper
Hiring more workers to do a job
19
The study of resources such as money, materials, and labor
goods
services
producers
economics
20
The ______is a table that shows the relationship between price of a good and quantity supplied.
the law of supply
supply schedule
graph
Supply demand price
21
What is an economic system where government and people decide how to use scarce resources?
Market economy
Traditional economy
Mixed economy
Command economy
22
North Korea has a dictator who makes all of the economic decisions. What is this?
Market
Centrally Planned
Traditional
Command
23
Which of these is NOT an example of a need?
watch
Water
Shelter
Food
24
What is an economic system where only the government makes the economic decisions?
mixed economy
traditional economy
free enterprise
command economy
25
Which of these is NOT a way we deal with Scarcity?
Creating more resources
Expanding time
Doing without something
Making better use of our resources
26
"When decisions are made, people are always confronted with ________________".
multiple alternative actions
problematic managers
time management skills
time constraints
27
What is a need?
Nothing
Something you have to have to live
Something you would like to have
Ice cream
28
Which of these is Human Capital?
tractor
Chef
Entrepreneurship
programming computers
29
Everything contained in the earth or found in the sea ex: coal and crude oil..
Land
Labor
Infrastructure
Resources
30
The Law of Supply states:
as price increases, supply increases
as price increases, quantity demanded decreases
as prices decrease, supply increases
as price decreases, quantity demanded decreases
31
Which factor of production would you consider a cow?
land
capital
entrepreneur
labor
32
Your friend and you decide to open a snow cone stand. The snow cone machine is an example of...
Entrepreneurship
Labor Resources
Natural Resources
Capital Resources
33
Quantity supplied is...
amount of a good that sellers are willing and able to sell.
quantity consumers are willing to give up
none of these answers
amount a supplier is willing buy from another supplier
34
Capitalism flourishes here in this economic system.
Mixed economy
Traditional economy
Market
Traditional
