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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

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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

This quiz explores concepts of resources, demand, supply, scarcity, economic systems (command, market, mixed, traditional), and their impacts on pricing and decision-making in various scenarios.

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

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

Which economic indicator is best described as Gross National Product minus inflation and depreciation: Net National Product. Gross domestic product is equal to the market value of all final goods and services:: produced domestically during a period.. Which of the following expenditures would not be included in GDP: Purchase of a silver cup previously sold new in 1950.. Personal consumption expenditures include:: all goods and services bought by households.. In the circular flow model,: money flows from the households to the firms through the product market.. All final goods and services that make up GDP can be expressed in the form:: . Personal income minus personal taxes is:: disposable personal income.. The period between the peak and the trough is the _____; the period between the trough and the peak is the _____: recession; expansion. The unemployment rate equals the number of persons:: unemployed divided by the number in the labor force.. Inflation is defined as an increase in:: the average price level.. What usually happens to inflation during a recession: it decreases. Which of the following is not a component of the business cycle: decline. A worker who was laid off due to a downturn in the business cycle would be considered: cyclically unemployed.. Logan loses his job cooking pizza when a robot can do it faster and at a lower expense.  Which type of unemployment is he experiencing: Structural. A good way to measure standard of living is by calculating: per capita GDP

Change in Supply: . Disequilibrium: Occurs when the forces of demand and supply do not balance, is indicated by a surplus or shortage.. Shortage: The quantity which results when demand exceeds or in excess of supply at a given market price.. Determinants of Supply: Factors that can shift the supply curve, which include: Change in the cost of resources used to make the good. Change in the price of other goods these resources could make. Change in technology used to make the good. Change in producers' price expectations.Change in number of sellers in the market.. Surplus: The excess quantity which results when supply exceeds demand at a given price.. Law of Supply: . Incentive: Economists assume human behavior reflects rational self interest and will pursue activities to increase utility, or satisfaction and happiness.. Profit: Equals total revenue, or total dollars received from consumers, minus total costs, or the cost of all resources used from a firm's production.. Price Ceiling: A maximum legal price a seller is permitted to charge.. Price Floor: A minimum legal price below which sellers may not change.. Competition: The opposite of a monopoly. The existence of a market with sufficient buyers and sellers so that no single buyer and seller can control the price.. Equilibirum: When the quantity that consumers are willing and able to buy equals the quantity that producers are willing and able to sell. Graphically, equilibrium is the point at which the two curves intersect.. Elasticity: A measure of responsiveness of consumers and producers to changes in price or quantity demanded.