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Economics 1
Economics 2
Economics 3
Economics 4
Economics 5
100
Economics is about making ______. A. resources B. capital C. choices D. money
What is C. Choices
100

The demand for a good or service is greater than the availability of the good or service. A. Scarcity B. Equalibrium  C. Labor D. Capital

What is A. Scarcity

100
People who take risks to start a new business or improve an old one are __________. A. managers B. entrepreneurs C. employees D. manufacturers
What is B. entrepreneurs
100
Giving up one thing for another is a _____. A. trade-off B. service C. need D. want
What is A. trade-off
100
Something that is necessary to stay alive is a _____. A. good B. service C. need D. want
What is C. need
200
A product moves from worker to worker on a(n) ____. A. land B. down C. production D. assembly line
What is D. assembly line
200
Natural resources include water, minerals, and ____. A. services B. land C. opportunities D. wants
What is B. land
200
People who do work for others for a fee provide ____. A. services B. land C. production D. technology
What is A. services
200
The computer is an example of ___ that has changed the way businesses work. A. productivity B. production C. opportunity D. technology
What is D. technology
200
Henry Ford's ideas led to increased _____. A. production B. services C. opportunities D. wants
What is A. production
300
When you make a choice, you give up other ___. A. services B. wants C. technology D. opportunities
What is D. opportunities
300

The cost of what you give up when you make a choice ___. A. trade-off B. fixed cost C. opportunity cost D. variable cost

What is C. opportunity cost

300
When workers produce more, prices may _____. A. go up B. go down C. stay the same D. go up and down
What is B. go down
300
People have unlimited _____. A. technology B. opportunities C. land D. wants
What is D. wants
300
Natural resources, labor, and capital are factors of ___. A. opportunities B. services C. technology D. production
What is D. production
400

An item that people buy is a(n) ____.

What is  good

400

_____ is when a person, country, or region makes focuses on making one type  item. 

What is  specialization

400

_____ is another word for all kinds of work. 

What is Labor

400

The process of  turning materials into products. 

What is Manufacturing

400

The study of the production, distribution, and consumption of scarce goods and services 

What is economics

500

The price at which the quantity demanded equals the quantity supplied.

What is equilibrium

500

The basic productive resources (labour, capital, and natural resources) that are essential inputs to every economic activity.

What is factors of production

500
How can you tell if labor is scarce?
When labor is scarce it is more expensive.
500
If you take a part-time job while still in school, what might your opportunity cost be?
You will have less time for leisure, sleep, and studying.
500
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 do resources.