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