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Econ. Module 1 Quiz Flashcards | StudBud
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Econ. Module 1 Quiz
Econ. Module 1 Quiz
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Questions
12
Answers
1
The thing you are missing out on when choosing one alternative.
Economics
Profit
Scarcity
Opportunity Cost
2
A condition that occurs when there is less of a good or service available than people want to purchase in that moment.
Scarcity
Shortage
Opportunity Cost
Economcis
3
When you are weighing the opportunity cost of an important decision you may be using…….
Emotional and Irrational Thinking
Credit Check
Community Based Initiative
Cost - Benefit Analysis
4
When the demand for a good or service is greater than the availability of the good or service due to
limited resources.
Opportunity Cost
Economics
Profit
Scarcity
5
Which type of Economy has almost complete Government control of Goods and Services?
Mixed Economy
Command Economy
Capitalism
Market Economy
6
Which Factor of Production fits best for a companies freight trucking fleet?
Entrepreneurship
Labour
Capital
Land
7
What are the Three Economic Systems we've discussed?
Market Economy (Capitalism)
Mixed Economy (Most Countries)
Command Economy (Socialism)
Feudalism
8
What is the study of the part of a society that creates wealth, wealth that comes from the production of goods&services?
Sociology
Psychology
Government
Economics
9
Which one is a Trade Off?
You must choose between seeing your friends or doing homework.
Not having access to a certain resource,
Saving Money in a Bank
10
Which type of Economy has almost complete control of Goods and Services by citizens?
Socialism
Mixed Economy
Command Economy
Market Economy
11
Which of these is
NOT
a Factor of Production?
Labor and Capital
Land
goods and services
Entrepreneurship
12
The three fundamental economic questions are
what
should be produced, ___________, and for
whom
.
Where
Why
How
