Economics Question Preview (ID: 262)
What Is Economics?
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What are goods?
a) Products; things you can see and touch
b) A service
c) Money
d)
What are services?
a) Things that other people do for you
b) A product
c) A person
d)
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
d)
What is a tradeoff?
a) Giving up something for something else
b) Getting all you want
c) Trading baseball cards
d)
Human resource is ...
a) labor
b) a service
c) a product
d)
A natural resource
a) is found in nature
b) is man made
c) is labor
d)
What is a psychological want?
a) Something someone wants that makes them happy
b) Going to the doctor
c) Speaking to a therapist
d)
A man made resource is
a) A good that is made by humans
b) Never available
c) Human labor
d)
What is a physical need?
a) Something that is necessary for survival
b) Not necessary for survival
c) Something you want
d)
In order to live, your physical needs must be met?
a) True
b) False
c) Don't Know
d)
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