Economics Question Preview (ID: 262)

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What is scarcity?
a) When your want for something is greater than what is available to you
b) When you want something you can get
c) Too much of a good thing

What are services?
a) Things that other people do for you
b) A product
c) A person

What are goods?
a) Products; things you can see and touch
b) A service
c) Money

What is a tradeoff?
a) Giving up something for something else
b) Getting all you want
c) Trading baseball cards

Human resource is ...
a) labor
b) a service
c) a product

A natural resource
a) is found in nature
b) is man made
c) is labor

What is a psychological want?
a) Something someone wants that makes them happy
b) Going to the doctor
c) Speaking to a therapist

A man made resource is
a) A good that is made by humans
b) Never available
c) Human labor

What is a physical need?
a) Something that is necessary for survival
b) Not necessary for survival
c) Something you want

In order to live, your physical needs must be met?
a) True
b) False
c) Don't Know

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