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