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Economics Unit 1
Test Description: Unit 1 Vocab
Instructions: Answer all questions to get your test result.
1) Under Utilization
A
Produce below ability.
B
Something a person can not live without.
C
Produce to ability.
D
Resources need to produce a good
2) Efficient
A
Guns and Butter
B
O.C.
C
Produce to ability
D
Produce below ability
3) What are the 3 Economic Questions?
A
Why to produce, who to produce it for, cost of production
B
How mant to produce, What people will make it, When to produce it
C
How does it work, Why is it broke, Who will fix it?
D
What to produce, How to produce it, Who to produce it for
4) Scarcity
A
No recources
B
Having a limited number of resources
C
Land, Labor, Capital
D
Having all of the resources.
5) Land
A
Anything used to produe a good
B
The work people do for money.
C
Grass and soil
D
All the natural resources that are used to produce a good or service.
6) Need
A
Cell Phone, Air, Water
B
Air, Water, Food
C
Food, Water, Shelter
D
Shelter, Carbon, Water
7) Want
A
Something a person can not live without.
B
Air, Water, Food
C
A person that combines resources to make a new service
D
Something a person does not need to live
8) Opportunity Cost
A
Trade Off
B
3 Economic Questions
C
The cost of choosing 1 choice over another
D
Giving up 1 thing for another
9) Labor
A
A person that combines resources
B
The work people are paid to do
C
A physical good.
D
A person that helps out
10) Capital
A
Money
B
Natural Resources
C
Anything that is used to produce a good or service.
D
Washington D.C.
*select an answer for all questions
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