Wants/Needs
It requires spending money to satisfy a want
What is an ECONOMIC want
What are the 3 categories of economic resources?
What are natural resources, human resources, and capital goods
The study of how to meet unlimited, competing wants with limited resources
What is economics
What are the four types of product utilities?
What is form/task, place, time, and possession
The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is
What is supply
An intangible activity performed by other people for a certain amount of money, such as a haircut
What is economic services
Using a stream to supply water for crops is an example of using which resource?
What is natural resource
What are the four economic activities?
What is consumption, production, exchange, and distribution?
In possession utility, a consumer finds a product helpful after doing what?
What is buying the product
A local neighborhood has many houses for sale at a low price, but demand for the houses is low. What kind of market most likely exists in the neighborhood?
What is a buyers market
Wanting to spend time outdoors enjoying the sunshine is considering this type of want
What is noneconomic want
Which economic resource is responsible for combining the other resources to produce goods and services:
What is human resources
The ultimate goal of all economic activities is.....
A. Production
B. Consumption
C. Distribution
D. Exchange
Where a product is available for purchase is referred to as
What is place utility
Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of
What is demand
Which of the following is an example of an economic want:
A. Clothing
B. Understanding
C. Conversation
D. Fresh Air
When a stove is used in a restaurant kitchen, it is considered what type of resource?
What is capital good?
John only had $40 to spend and couldn’t decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?
What is a new pair of jeans
Tara orders a dress for her school dance on Saturday. If the dress doesn’t arrive until the next Monday, it has no __________ utility.
What is time utility
Demand for a good is more likely to be elastic when the good is
A. imported
B. a want
C. a necessity
D. cheap
If a good or service is scarce, consumers will be......
A. uninterested in owning it
B. unwilling to buy it
C. able to get as much of it as they want
D. willing to pay more money to get it
When there is not enough of a resource available for everyone to have as much of it as desired, the resource is
What is limited?
The heart of economics is.....
A. Trade offs
B. Resources
C. Wants
D. Decision Making
Changing a good’s form involves which of the following:
A. Getting the good to the retailer
B. Adding a new feature to the good
C. Making sure the good is available early
D. Providing an easy way to buy the good
Even though gasoline prices increased 15 cents per gallon as the result of the new gas tax, Alice continued to buy gas so that she could make her 20-mile drive to work. This is an example of what type of demand?
What is inelastic demand