Basic Economics Review PL

Question 1

The arrows represent college, work, military. Choosing college, what is your opportunity cost?

Accepted Answer

Saving your money and gaining work experience, On the job training

Question 2

This is one type of resource needed to create goods and services. Name all types of resources.

Accepted Answer

FACTOR OF PRODUCTION

Question 3

Few people possess the skills required to play professional sports.

Accepted Answer

supply

Question 4

Economic system based on individual and business decisions.

Accepted Answer

market

Question 5

Which concept around supply and demand is best represented in this image?

Accepted Answer

Law of Diminishing Marginal Utility

Question 6

Shoe shopping you like the Vans the most, but can only afford the Chucks. Opportunity cost?

Accepted Answer

Vans

Question 7

Which economic concept is best represented by the image?

Accepted Answer

SCARCITY

Question 8

If we decide to use tax money on sports and schools, what is the trade-off?

Accepted Answer

Transport-motorways & street lighting

Question 9

Which economic system is best represented by this image?

Accepted Answer

MARKET

Question 10

What is your trade-off for saving "what is left after spending"?

Accepted Answer

Buying everything you want now., A substantial savings account.

Question 11

You chose pizza from the 24 hour convenience store $8 vs. the pizzaria $20. Name this concept.

Accepted Answer

Substitution effect

Question 12

Which economic concept is best represented by this image?

Accepted Answer

SCARCITY

Question 13

A part of a business that is owned by an individual.

Accepted Answer

Stock

Question 14

Which economic system is represented by this image?

Accepted Answer

TRADITIONAL

Question 15

In this economic system goods and services are distributed based on price.

Accepted Answer

market

Question 16

Which factor of production is best represented by this meme?

Accepted Answer

ENTREPRENEURSHIP

Question 17

Which economic concept is best represented with this picture?

Accepted Answer

Law of diminishing returns

Question 18

What is the opportunity cost of choosing the doughnut?

Accepted Answer

Health benefits of the apple

Question 19

Fans will pay to see professional athletes perform in person.

Accepted Answer

demand

Question 20

Which economic system is best represented by the diagram?

Accepted Answer

COMMAND

Questions 20