Sports And Entertainment I ECONOMICS 3: Question Preview (ID: 5665)

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The three basic economic questions are:
a) what to produce, where to produce, when to produce
b) what to produce, how to produce, for whom to produce
c) who will produce it, when will they produce, why is this even an answer choice
d) what to produce, how to produce, what color to produce

value added by having a product at a certain time of year or a convenient time of day is:
a) possession
b) information
c) place
d) time

value added by exchanging a product for some monetary value
a) possession
b) information
c) place
d) time

a tangible item such as a CD player or a soccer ball
a) service
b) good
c) labor
d) capital

intangible items such as going to the circus
a) good
b) labor
c) service
d) mars

The point on a supply and demand curve where quantity demanded is equal to the quantity supplied
a) balance
b) equillibrium
c) equal brain
d) inequalities

The economic resource that includes all natural resources found in the earth, sea, and air
a) labor
b) capital
c) land
d) entrepreneurship

a form of government where there is increased government involvement and everything is based on the welfare of the people
a) Welfarism
b) Socialism
c) Capitalism
d) Communism

the study of how to meet unlimited wants with limited resources
a) land
b) labor
c) entrepreneurship
d) economics

Value added by having a product where customers can buy it is
a) form utility
b) time utility
c) place utility
d) possession utility

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