Show:
1-1 Satisfying Needs and Wants
1-2 Economic Choices
1-3 Economic Systems
1-4 Supply & Demand
Test Questions
100
Things that are required in order to live.
What are needs?
100
Not having enough resources to satisfy every need.
What is scarcity?
100
One of the 3 Economic Questions.
What is "what goods and services will be produced" OR How will the goods and services be produced OR What needs and wants will be satisfied
100
A person who buys and uses goods and services
Consumer
100

True or false: The US could be best characterized as a command economy.

False

200
Things that add comfort and pleasure to your life.
What are wants?
200
The value of the next-best alternative that you were not able to choose.
What is opportunity cost.
200
the method a country uses to answer the 3 economic questions
economic system
200
Individuals and organizations that determine what products and services will be available for sale.
Producers
200

Personal freedom is most limited in what type of economy?

Command

300
Things that you can see and touch.
What are goods?
300
The first step in the decision making process
What is "Define the problem".
300
Type of economy where government officials decide what and how goods are produced.
command economy
300
Quantity of a good or service that consumers are willing and able to buy.
Demand
300

Which of the following is a consumer? Business Individual Government All of the above

All of the above

400
Activities provided for the satisfaction of others that are consumed at the same time they are produced.
What are services?
400
The 3rd step in the decision making process.
What is "Evaluate the advantages and disadvantages of each choice".
400
Type of economy where the resources are owned and controlled by the PEOPLE.
market economy
400
The quantity of a good or service that businesses are willing and able to provide.
Supply
400

The process of choosing which wants will be satisfied

economic decision making

500
The 3 types of economic resources.
What are natural, human, and capital.
500
The last step in the decision making process.
What is "review your decision".
500
Type of economy where goods and services are produced the way it has always been done.
traditional economy
500
Customers have many choices for products...will demand be increased or reduced?
Demand will be reduced
500

Give an example of a country or continent that uses traditional economy.

Africa, Chad, Haiti, etc.