Economics Ch.1 PACED Review

1) Which of the following resources was considered scarce in 1000 AD?

The P in PACED Decision making stands for:

At first, when you are presented with unlimited wants and limited resources, you have many

1) Anything that is used to produce goods and services

The monetary or non-monetary gain received because of an action taken or a decision made.

1) Machinery needed to produce goods and services.

1) If I were to give you and a friend 2 different Magazines and you decided to switch.

Out of the following resources, which of them is the least Scarce?

Which of the following people must deal with scarcity when they make decisions during the day?

1) A person who decides to combine their resources to create new goods or services.

1) The employees who are paid to produce goods and services.

1) Who was it that first said, “Time is money”?

1) About how much money does each 60 minute class in college cost?

Economics is how you use your resources?

1) A ______________ is something a person cannot live without.

After you consider all of your alternatives and the possible results of each a _______ is made.

1) _____________________ are physical items, like clothing.