Category 1
Which of the following is NOT one of the four characteristics of money
What is plentiful?
A person who buys a good or service for personal use is called a/an..
what is a consumer?
The benefit or satisfaction gained from using a good or a service is called..
Money has to be HARD to make (and hard to counterfeit). This is a definition of which characteristic..
What is scarce?
The value of what you give up by choosing one alternative over another is called..
What is opportunity cost?
What is commodity money?
In order for money to be a medium of exchange, it has to be easy to move from place to place. This is the definition of..
What is portable?
Physical objects that can be bought are called..
What are goods?
A need is fulfilled by
A person/entity who makes good or provides services is called a/an
What is a producer?
True or False: Scarcity affects everyone
What is true?
A situation that exists when there are not enough resources to meet human wants is called
What is scarcity?
Which of the following would be classified as a want?
What is video games?
In order for money to be a unit of account, the item used must be able to be subdivided, allowing for prices to go up or down. This is the definition of..
What is divisible/countable?
Which of the following examines the costs and expected benefits of a choice
What is cost-benefit analysis?
What are incentives?
The study of how people use scarce (limited) resources to satisfy their unlimited wants is called..
Work that one person performs for another for payment is called..
What are services?
In order for money to be a store of value, the item is used as money has to last. this is the definition of..
what is durable?
Money has no intrinsic value; it works only because we all believe it does
What is fiat money?
Making decisions based on what you believe is the best combination of costs and benefits is called
What is economizing?
Which of the following is NOT one of the three functions of money?
What is Basis of Credit?