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This Economics term refers to the things you use to create goods and services: Resources. When "wants are greater than the resources available to satisfy them," it is called..: Scarcity. Because of scarcity, people are forced to make _________ about how to use resources: Choices. Gurnee has 2 acres of unused land. They choose to build another chicken restaurant. Which option would NOT be considered a logical Opportunity Cost of that choice: Giving WTHS students fancier Chromebooks.

This quiz examines key concepts in economics, focusing on market economies, the role of the Federal Reserve, economic security, equilibrium price, human capital, business organizations, opportunity cost, command economies, and distinctions between microeconomic calculations.

The amount of a good or service that is wanted is called:: demand. The amount of a good or service provided is called:: supply. The total value of goods and services produced within the a country during one year: . There are 4 _______________. They are land, labor, capital and entrepreneurship: Factors of Production . Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________: Capital. The study of how people seek ways to meet their wants and needs by making choices is called: Economics. The four factors of production. : Natural Resources, Labor, Capital, Entrepreneurship . This measurement is used to determine how well a country's economy is doing: Gross Domestic Product. Phrase that means how good a person's quality of life is: Standard of living. All of the following are possible costs of your decision to go away to college except: You will become more educated. What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired: Time. What is the best example of scarcity: The school parking lot only has 150 spaces but 200 students want to park there. You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost: $100. What factor of production does this picture represent: Labor. The basic problem of economics that develops because humans have unlimited wants but limited resources: Scarcity. The factor of production that includes the physical land and resources that come directly from the earth: Land. The limited availability of resources is known as..: Scarcity. A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario: Opportunity Cost. Which of the following is true: Needs and wants are unlimited but resources are limited

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How many EWoTs are there: 7. The crux of all economics is _______________ forces tradeoffs: scarcity. According to an economist, we do stuff IF: benefits are greater than costs. Deciding to eat that 4th piece of pizza or not is what EWoT: thinking at the margin. things that "nudge" people towards certain behaviors is known as ___________. Examples include speed limits, school suspensions, and pay for work: incentives. ______________ makes people better off. That's why our presidents are wrong concerning China and Mexico tariffs: trade. Which of the following is NOT a market: all of these are markets. The acronym for the crux of ch 1, "How to think like an economist" is..: EWoT. T or F: Economic is Everywhere: True

The ______ states that as the price of a good rises, the quantity consumers are willing to purchase decreases: Law of Demand. The ______ states that as the price of a good rises, the quantity producers are willing to produce increases: Law of Supply. True or False: A change in the price of a product causes a shift in the demand curve: False. Do the circled points represent a price floor or a price ceiling: Price Floor. Do the circled points represent a surplus or shortage: Shortage. A market in which a few sellers offer similar products: Oligopoly. A business owned by one person: Sole Proprietorship. This market structure has the strongest price controls: Monopoly. This market structure has no barriers to entry: Pure Competition. This market structure often has product differentiation so they can charge different prices. : Monopolistic Competition. This type of business is the easiest to start but has unlimited liability and a limited lifespan: Sole Proprietorship. This type of business is the most complex to start but has limited liability and an unlimited lifespan: Corporation. A market in which one seller controls the market: Monopoly. A market in which many sellers offer differentiated products: Monopolistic Competition. A market in which many sellers offer identical products: Pure Competition. A business owned by two or more people: Partnership. A business owned by shareholders and run by the board of directors: Corporation

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At what point do supply and demand intersect on a curve: market equilibrium. What occurs when the price of a product is higher than the market equilibrium: surplus. Why does a surplus happen: prices are too high and there's too much supply. What is the simplest solution to a surplus: the producer lowers the price until the supply balances out to equilibrium. What causes a shortage: A product's price is lower than equilibrium with not enough supply. What are the 3 solutions for a shortage: allowing the price to rise to equilibrium. What is a price ceiling: It's a price below equilibrium . What is a price floor: a price above equilibrium. A price floor leads to a:: surplus

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In pure competition, a large number of suppliers offer very similar products.  : True. A business in monopolistic competition has no control over price if it wants to sell its products.  : False. In a monopoly, customers will pay a higher price because there are no alternative products to those of the supplier.  : True. A cable television company usually operates in a pure competition environment.  : False. The airline industry is an example of an oligopoly.  : True. The most common type of economic competition facing most businesses is pure competition.  : False. Businesses in monopolistic competition should focus on making their products different from and better than competitors' products: True. Each product in a specific market has its own supply and demand curves.  : True. The market environment in which a business without competitors operates is : a monopoly . The market environment in which most retail businesses operate is : monopolistic competition. As a consumer, you will usually choose the  : option providing the most satisfaction at the best value  . In a market where demand exceeds supply  : all are correct 

What is scarcity? : Not having enough resources . What is opportunity cost: The last you would give up to make a choice. A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision: muffins . The Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their backyard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision: vacation . Emelia has been invited to a sleepover at Chloe’s house for this Saturday. Emelia has tickets to see her favorite band in concert that same night. She decides to give the tickets to her sister and go to Chloe’s house. What is the opportunity cost of her decision: seeing her favorite band . Max is studying for his spelling test. Unfortunately, his favorite TV program is on right now. If he studies for the test, he will miss watching the show. Max decides to study for his test instead of watching TV. What is the opportunity cost of his decision: watching TV show. The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. The officials decide to build a skate park. What is the opportunity cost of their decision: more computers . The economic problem is that: resources are limited and wants are unlimited.. The opportunity cost of a good is: the alternative goods forgone.. A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is : 50 whips. Because of scarcity, people are forced to make _________ about how to use resources: choices. What name is given to the value of the next best alternative that you give up when you make a decision: opportunity cost. You win a football match ticket that worth $100, but need to pay 25% tax. What is the opportunity cost if you choose to stay home and watching a TV show that you need to pay $20 rather than going to the football match: $95

Who has the ABSOLUTE advantage in making earrings: Marie. Who has the ABSOLUTE advantage in making bracelets: Marie. What is Marie's opportunity cost of making earrings: . What is Marie's opportunity cost of making bracelets: . What is Isabella's opportunity cost of making earrings: . What is Isabella's opportunity cost of making bracelets: 2 earrings. Who has the COMPARATIVE advantage in making bracelets: Marie. Who has the COMPARATIVE advantage in making earrings: Isabella. For Marie and Isabella to benefit the most, what should happen: Marie should make bracelets and Isabella should make earrings and they trade.. Who has the ABSOLUTE advantage in producing cotton: Brazil. Who has the ABSOLUTE advantage in producing sugar: Brazil. What is America's opportunity cost for producing cotton: 2 pounds of sugar. What is America's opportunity cost for producing sugar: . What is Brazil's opportunity cost for producing cotton: 3 pounds of sugar. What is Brazil's opportunity cost for producing sugar: . Who has the COMPARATIVE advantage in producing cotton: America. Who has the COMPARATIVE advantage in producing sugar: Brazil. For America and Brazil to benefit the most, what should happen: America should produce cotton and import sugar from Brazil.. The table shows the combination of widgets and gizmos I can make in a day. What is the opportunity cost of moving from point A to point C: 3 gizmos. The table shows the combination of widgets and gizmos I can make in a day. What is the opportunity cost of moving from point B to point E: 14 gizmos. The table shows the combination of widgets and gizmos I can make in a day. What is the opportunity cost of moving from point D to point B: 2 widgets. The table shows the combination of widgets and gizmos I can make in a day. What is the opportunity cost of moving from point E to point A: 4 widgets

Something we desire but that is not necessary for survival: Want . Something essential for survival: Need. Physical objects that someone produces: Good. An action or activity that one person performs for another: Service. SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource: Oil. SELECT ALL THAT APPLY: "Ozark" is the most popular show on Netflix, according to viewer surveys. Netflix is an example of a: _______ & _______: Want. The fact that there are limited amounts of goods and services to meet unlimited wants is called:: Scarcity. Economics is the study of how people seek to satisfy their needs and wants by making choices: True. Scarcity forces us to make economic decisions: True

These are the things we desire to have: Wants. Because of scarcity, people are forced to make _________ about how to use resources: Choices. In economics a decision is free if:: A decision is never free. There is usually an alternative which results in an opportunity cost. Not free.. What is it called if we ran out of coffee creamer: Scarcity. A benefit is something good or helpful: True. Scarcity is only a problem for poor people: False. A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision: muffins . This Economics term refers to the things you use to create goods and services: Resources. What name is given to the value of the next best alternative that you give up when you make a decision: opportunity cost. The economic problem is that: resources are limited and wants are unlimited.. You just cannot get it: shortage . What is opportunity cost: what you give up to make a choice. What is scarcity? : Not  having enough resources . What should be the most important factor considered when you make a decision: the Opportunity Cost. Economics is the study of people and how they make decisions: True. A decision always involves: at least two alternatives. Which of the following is an opportunity cost: You choose to study math instead of history.

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Tonya had a hard time deciding between the Big Burger and the Crispy Chicken sandwiches,her two favorites. She chose the chicken because she had more recently had a burger. Whatwas her opportunity cost: Big Burger. Jimmy went to a candy store. He really wanted chocolate nut clusters, jelly beans, and licorice.He only had enough money buy one of them. He can’t eat chocolate or nuts because of anallergy. He decided to buy some licorice. What was his opportunity cost: Jelly Beans. Mary was shopping in a clothing store. She had $100 to spend. She found three items sheliked: $99 for a pair of shoes, $98 for a jacket, and $96 for a dress. After over an hour ofshopping, she decided to borrow some shoes from her sister and to buy the jacket for $98. What was her opportunity cost: Dress. Joe was shopping for a truck. He has looked at similarly priced Ford, Chevrolet, Toyota, andRam models. After a lot of thought, he narrowed it down to either the Ford or the Chevrolet.He selected the Ford because he liked the interior a little better. What was his opportunitycost: Chevrolet. The city was building a new park. There was only enough money in the budget to includenew tennis courts, a wading pool, a music stage, or a parking lot. At the public hearing, manyof the people wanted more parking. City Council voted to build the music stage afternarrowing it down to either the stage or the wading pool. What was the city’s opportunitycost: wading pool. The use of the smallest amount of resources to produce the greatest amount of output. It is the main reason why scarcity is good. : Efficiency. What is the most basic problem of economics: Scarcity. How do we satisfy the greatest number of needs and wants: Allocation. All the things we sacrifice to obtain another:

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Test knowledge of supply and demand with this interactive worksheet. Includes multiple-choice questions on equilibrium, market exchange, shortages, and surpluses for economic learning.

Economics is the study of how people choose to use their limited ____________________ to satisfy their unlimited wants. : Resources. The goal of ___________ Economics is to advise how things ought to be done: Normative . __________is the condition that results because people have limited resources but unlimited wants: scarcity. _______________________ Economics is tangible:  So, it can be substantiated by FACTS. : Positive Economics. Whenever you choose one thing over another, you are make a ___________. : tradeoff. A ___________________ is a way to compare the costs of an action with the benefits of that action.  If benefits exceed costs, then the action is worth taking:

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Economics is: The study of choices. The Opportunity Cost can best be described as: The value lost of the next best alternative choice you could have made. Scarcity is the economic law that needs and wants are ________________ but resources are ________________: . Good economic decisions are made when the benefits of a choice are greater than the: costs. The opportunity cost of spending on the military are all of the following EXCEPT: longer summer daylight hours. In order to have everything we could ever want we would need: unlimited resources. In economics, incentives are used to: influence the choices people make. Incentives often backfire because they rely on predicting how people will behave. For example, an incentive to pay teachers based on the number of students who get A's would likely result in : teachers giving all students A's. A producer asking the question, "Should we use glass or interchangeable plastic on the face of our new phone?" is a: microeconomic question. Lawmakers asking the question "Will cutting taxes end the current recession?" is a: macroeconomic question