Economics /Odysseyware Economics Tests Part 1
Scarcity is the condition of not having enough goods and services to satisfy everyone's _____ .
wants
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Key Terms
Term
Definition
Scarcity is the condition of not having enough goods and services to satisfy everyone's _____ .
wants
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Because they can't have everything they want, people make _____ .
Choices
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Going to a concert, getting a haircut, and going to the doctor are examples of _____ .
Services
To allocate means to _____ .
Distrubute
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Each decision has something that you give up, called the _____ .
cost
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When making a decision that will leave you better off, you try to _____ .
Maxamize satisfaction
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| Term | Definition |
|---|---|
Scarcity is the condition of not having enough goods and services to satisfy everyone's _____ . | wants |
Because they can't have everything they want, people make _____ . | Choices |
Going to a concert, getting a haircut, and going to the doctor are examples of _____ . | Services |
To allocate means to _____ . | Distrubute |
Each decision has something that you give up, called the _____ . | cost |
When making a decision that will leave you better off, you try to _____ . | Maxamize satisfaction |
Select all the items involved in marginal analysis. | calculating the marginal cost of a choice
figuring out the marginal benefit of an alternative |
Paul had three ways to use his allowance money: spend, save, or donate. He decided to donate his money to charity. Any value given up by not choosing to spend or save the money is the _____ . | Trade off |
People who make goods and services are called _____ . | Producers |
A machine that is used to sew shirts is called a _____ . | Capital good |
Nonrenewable resources include _____ . | fossil fuels and minerals |
Lucy was trying to decide between three food choices: pizza, a salad, or a hamburger. She chose the salad. In this case, the salad represents her _____ . | Preference |
Given the same choices, people make different decisions. This is because people have _____ . | individual preferences |
Select the items that can influence your decision process for buying a cell phone. | peer pressure
price of the phone
advertising |
Items that save you money by allowing you to pay a relatively low price for a good or service include _____ . | coupons and comparative shopping |
Select the items that describe incentives. | Can be rewards or penalties
influence future actions
encourage people to act
can be monetary or non monetary |
Amanda invested her money with a company called Exceptional Investments. She earned a lot of money from her investments. This will most likely encourage Amanda to----- Exceptional Investments. | invest more moeny with |
Consumers, producers, workers, savers, investors, and citizens respond to incentives in order to allocate their scarce resources and receive the _____ . | highest possible benefits |
You decide to eat one more chip. The change in the total amount gained that comes from this action is the _____ . | marginal benefit |
It's holiday time, and Jason went into the wrapping business. It's been a busy day, and he wants to go home. He figured out that the cost of wrapping an additional present is $0.50. He also charges $1.00 to wrap a gift. Which decision would make him better off? | wrapping an extra gift |
You are in line at the movies waiting to buy a ticket. Allocating the tickets this way is an example of _____ . | first come first serve |
In the United States, people are chosen for various government positions based on receiving most of the votes. This distribution system is called _____ . | Majority rule |
Free-market economies use --- to distribute goods, services, and resources. | price |
The ability for anyone in a society to own private property _____ . | incentivizes people to conserve resources encourages entreprenuership |
A fallacious argument is one that is based on _____ . | false logic |
________ serves as an incentive for entrepreneurs. | proft |
Exchanging desserts between you and your friend is an example of _____ . | bartering |
Trading stocks, buying and selling currency, and purchasing a new computer from the store are all examples of _____ . | markets |
Select the three economic questions that each economy has to answer. | Who will consume the goods and services?
How will the goods and services be produced?
What goods and services will be produced? |
Lisa bought a new pair of shoes for $50. Choose the statement that best describes this situation. | Lisa demanded the new pair of shoes |
A person, such as the owner of a pharmacy, who organizes other productive resources to make goods and services is called a(n) _____ . | entrepreneur |
Entrepreneurs and other sellers --- when consumers buy products at prices high enough to cover their production costs. | earn profits |
An incentive to accept a new job is _____ . | high wages |
Select the factors that improve human capital. | choosing a career
training
education |
_____ are rules that prevent the creation and behavior of monopolies. | Antitrust laws |
Liability rules, property rights, contract enforcement, and standards for weights and measures affect the--- for people to produce and exchange goods and services. | incentives |
Select the items that describe the ways that the U.S. government protects intellectual property rights. | patents
copyrights
trademarks
protection of trade secrets |
The amount of one currency that can be traded for a unit of another currency is called the _____ . | exchange rate |
Money makes trading ---by replacing bartering with transactions that involve paper money, coins, or checks. | easier |
Based on what you've learned in this unit, why would someone use a check instead of cash? | it provides a written record of the transaction |