POB - Ch. 1.1-1.3: Question Preview (ID: 26153)

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Human Resources are:
a) goods/services produced by humans.
b) economic resources produced by humans.
c) the humans producing goods/services.
d) All of the above.

_____________ is not having enough resources to satisfy every need.
a) The basic economic problem
b) Scarcity
c) Trade-off
d) Opportunity cost

Government officials decide what and how goods are produced and how they will be distributed and consumed.
a) Command economy
b) Traditional economy
c) Market economy
d) Mixed economy

The final step in the decision making process is
a) making the decision.
b) evaluating advantages and disadvantages of choices.
c) defining the problem at hand.
d) reviewing the decision that was made.

Thomas is looking to buy a new printer for his sign business. This is a ______ resource.
a) natural
b) human
c) capital
d) economic

____________ is the value of the next best alternative that you were not able to choose.
a) Trade-off
b) Profit
c) Opportunity cost
d) Economic decision making

Typically characteristic of less developed countries that don’t yet participate in the global economy.
a) Traditional economy
b) Command economy
c) Market economy
d) Mixed economy

__________refers to the concept that you can make economic decisions independently, without government intervention, but you also must accept the consequences of those decisions.
a) Private property
b) Freedom of Choice
c) Profit
d) Competition

All of the following are economic questions asked of a country when deciding on an economic system:
a) What goods and services will be produced?
b) Where will the goods and services be produced?
c) How will the goods and services be produced?
d) What needs and wants will be satisfied with the goods and services produced?

Profit is __________________.
a) the money from sales made by the company.
b) the money left from sales after all of the costs of operating a business have been paid.
c) the money left after all taxes have been paid.
d) the money collected from cash transactions.

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