Multiple Choice
Economics is about
choices
a product moves from worker to worker on an ___________.
assembly line
good
Why is it impossible for people and governments to do all the things they want?
People and governments have greater needs and wants
than they have resources.
_________ is the basic economic problem?
Scarcity
natural resources include water, minerals, and ______.
land
goods and services that can be produced from fixed resources in a fixed time period.
production possibilities
If you take a part-time job while you are still in school, what might your opportunity costs be?
opportunity costs such as less time for leisure, sleep, and study
People who take risks to start new businesses or improve old ones are?
entrepreneurs
people who do work for others for a fee provide
services
when a person, country, or region makes one part of an item
specialization
How have computer changed people's lives?
Computers have changed education by giving
students access to research information on the Internet, as well as to
educational software.
Giving up one thing for another is a ?
trade-off
natural resources, labor, and capital are factors
production
to turn materials into products
manufacture
How does new technology affect productivity?
It increases productivity
Something that is necessary to stay alive is?
need
The cost of a trade-off is a (n)
opportunity cost
the study of how people an countries make choices?
economics
How can you tell if labor is scarce?
When labor is scarce, it is expensive