Question 1

-is a social science -focuses on decision making -involves consumers and producers

Accepted Answer

Select the items below that describe the field of economics.  Economics:  Is a social science Is a plan to buy everything Focuses on decision making Involves consumers and producers

Question 2

needs

Accepted Answer

water and food are examples of _____.

Question 3

wants

Accepted Answer

extra pairs of shoes and music downloads are examples of _____.

Question 4

-going to the doctor -getting a haircut -mowing the lawn

Accepted Answer

Select the items below that are kinds of services.  Going to the doctor Getting a haircut Mowing the lawn Owning a house

Question 5

good.

Accepted Answer

Susan bought a new computer. She purchased a _____.

Question 6

consumers.

Accepted Answer

people who buy goods and services are part of a group of decision makers called ______.

Question 7

-companies -governments -nonprofit organizations

Accepted Answer

Select the items that name types of producers.  Buyers Companies Governments Nonprofit organizations

Question 8

governments

Accepted Answer

public education and roads are produced by ________.

Question 9

(2) what is gained when a decision is made (1) in-depth study (4) to receive the most from something (3) what is given up when a decision is made.

Accepted Answer

Match the term with the appropriate definition.  1. analysis  2. benefit  3. cost  4. maximize

Question 10

-receiving the most satisfaction from a decision. -working within given conditions.

Accepted Answer

Select the two parts of rational behavior.  Doing whatever a person wants Receiving the most satisfaction from a decision Working within given conditions Not analyzing decision options

Question 11

-the price of the cell phone -the amount of money Ben has to spend

Accepted Answer

Ben wants to buy a new cell phone. Select the conditions that Ben should consider for this buying decision.  The price of the cell phone Ben\'s age The number of sisters and brothers Ben has The amount of money Ben has to spend

Question 12

to make a decision using a rational approach

Accepted Answer

a cost-benefit analysis is a way _______.

Question 13

all

Accepted Answer

Select the steps for a cost-benefit analysis.  List the costs involved in making a decision. Compare the costs and benefits. List the benefits involved in making a decision. Make a decision based on maximizing satisfaction.

Question 14

(2) quantity and quality of human effort to achieve a goal (3) factors from the environment used to achieve a goal (1) products made to make other products and services (4) factors used to achieve a goal.

Accepted Answer

Match the term with the appropriate definition.  1. capital goods  2. human resources  3. natural resources  4. productive resources

Question 15

renewable resources.

Accepted Answer

Trees and sunlight are examples of ________.

Question 16

Gas is a nonrenewable resource.

Accepted Answer

Sergio likes to drive and thinks that gas will be around forever. What is the problem with Sergio\'s thinking?

Question 17

-natural resources -human resources -capital goods

Accepted Answer

People design computers, and machines assemble them. Gas is then used to transport the finished computers to stores. Select the factors used in producing computers.  Health Natural resources Human resources Capital goods

Question 18

-limited amounts -include fossil fuels (e.g., coal) and minerals (e.g., gold) -come from earth

Accepted Answer

Select the items that describe nonrenewable resources.  Limited amounts Last forever Include fossil fuels (e.g., coal) and minerals (e.g., gold) Come from Earth

Question 19

consumer-driven

Accepted Answer

America has primarily ______ ______ aggregate economical behavior.

Question 20

food

Accepted Answer

An example of a physiological need is ______.

Question 21

scarce

Accepted Answer

resources that will eventually run out are ______.

Question 22

unlimited.

Accepted Answer

scarcity exists because resources are limited, but people\'s wants are ______.

Question 23

-businesses can only make a limited number of goods and services.  -not everyone\'s needs are met. -using scarce resource today means having fewer tomorrow.

Accepted Answer

Select all that apply.  Which of the following describe the effects of scarcity?  Businesses can only make a limited number of goods and services. People have limited wants. Not everyone\'s needs are met. Using scarce resources today means having fewer tomorrow.

Question 24

conserve

Accepted Answer

to have more resources in the future, we must _______ resources today.

Question 25

distribution

Accepted Answer

You had fifty gallons of water and decided to use twenty-five gallons for showering, brushing your teeth, and flushing the toilet. You also decided to use the rest for cleaning dishes and washing your car. This division refers to your water _____ .

Question 26

all

Accepted Answer

Select all that apply.  Which of the following items determine your preference for a concert ticket?  band that is playing date of the concert price of the ticket friends that are going

Question 27

reward

Accepted Answer

a positive incentive that makes people better off is a ______.

Question 28

not doing the action often.

Accepted Answer

receiving a penalty from an action will most likely result in ______.

Question 29

retail price

Accepted Answer

Charlotte paid $4 for a movie download. The monetary amount is the download\'s ______.

Question 30

trade-offs

Accepted Answer

Ben was considering spending his gift card on books, music downloads, or movie tickets. He chose the movie tickets. Any values given up from not choosing the books and music downloads are called _____ .

Question 31

opportunity cost

Accepted Answer

Any value given up from the best alternative is called the _____ .

Question 32

-depend on the individual -affect how people behave -help to determine the choices of an individual

Accepted Answer

Select all that apply.  Select all the items that describe incentives.  depend on the individual affect how people behave are not part of the decision process help to determine the choices of an individual

Question 33

utility

Accepted Answer

An economic term that describes happiness and is hard to measure in numbers is _____ .

Question 34

accounting cost

Accepted Answer

The cost of producing a good and getting it to the customers is called

Question 35

endorsements

Accepted Answer

Beyonce, Taylor Swift, and Miley Cyrus make commercials that encourage people to drink milk. These ads contain _____ .

Question 36

individual preferences

Accepted Answer

George and Martha both have the choice to go to the movies. George decides to go, while Martha decides to stay home. The example illustrates _____ .

Question 37

saver

Accepted Answer

Steven puts aside some of his money for future use. He is a ______.

Question 38

non-monetary incentive

Accepted Answer

You studied for an exam and received an \"A.\" The \"A\" is an example of a _____ .

Question 39

alternatives

Accepted Answer

Joyce is thinking about spending Saturday night at the movies, although she has many other choices for how to spend her Saturday night. Her choices represent her _____ .

Question 40

private property

Accepted Answer

________ is an incentive in conserving both renewable and non-renewable resources.

Question 41

-The civil War was about Northern businessmen trying to bankrupt Southern farmers by emancipating their enslaved workforce. -England developed a fair and just taxation system for the American Colonies

Accepted Answer

Select all that apply.  Identify the fallacious arguments.  The Great Depression brought prosperity to a few and great poverty to the many. The Civil War was about Northern businessmen trying to bankrupt Southern farmers by emancipating their enslaved workforce. The Civil Rights movement in America brought much needed recognition to the rampant discrimination throughout America. England developed a fair and just taxation system for the American Colonies. The U.S. involvement in the Vietnam War was a rousing success.

Question 42

-help countries respond to the issue of scarcity -answer the three key economic questions.

Accepted Answer

Select all that apply.  What do economic systems seek to do?  provide basic care to citizens help countries respond to the issue of scarcity protect industry from competition answer the three key economic questions

Question 43

entrepreneur

Accepted Answer

You own a restaurant and are responsible for organizing your business\'s productive resources. You are a(n) _____

Question 44

trade-off

Accepted Answer

A company can use its resources to make shirts, towels, or sheets. It chooses to make shirts. Any value given up from not choosing to make the towels or sheets is the _____ .

Question 45

is limited

Accepted Answer

Your company needs to fix some of the machines in its factory. It also needs to buy more materials. But the company has to choose between these options, because money _____ .

Question 46

expected

Accepted Answer

Choices are really about trading off the__________ value of one option against the alternatives

Question 47

productive resources can be used in different ways.

Accepted Answer

The government uses its resources to provide different public goods. This shows that _____ .

Question 48

unintended consequences

Accepted Answer

Sometimes, things happen that offset the initial effect of a decision. These things are kinds of _____ .

Question 49

marginal benefit

Accepted Answer

The extra amount of satisfaction that you receive from an additional slice of pizza is part of the _____ .

Question 50

marginal cost

Accepted Answer

A business calculated that the expense to produce an additional unit of its product is $10. This amount is the

Question 51

marginal utility

Accepted Answer

The additional unit of happiness that you receive from a decision is called the _____ .

Question 52

decreases

Accepted Answer

The law of diminishing marginal utility says that as you consume more of something, the satisfaction that you get from each additional unit _____ .

Question 53

not producing the extra car.

Accepted Answer

Employees from Bob\'s Car Factory figured out that making another car would cost $25,000. The business also sells each car for $20,000. The company is better off _____ .

Question 54

decide which one is greater.

Accepted Answer

Jackie is doing a marginal analysis to decide if she should spend any more money on a movie download. After figuring out her marginal cost and marginal benefit, she will _____ .

Question 55

spillover

Accepted Answer

externalities are ________ effects

Question 56

cannot satisfy everyone\'s wants

Accepted Answer

Distribution systems _____ .

Question 57

force

Accepted Answer

Sue-Ellen took Charlie\'s cell phone without his permission because she wanted it. This is an example of distribution by _____ .

Question 58

personal characteristics

Accepted Answer

Kevin is selected to receive a free meal because he is the tallest person in the restaurant. This meal was distributed by using the _________ method.

Question 59

sharing

Accepted Answer

Rose brought in cupcakes for her birthday and gave one to each person in the class. This is an example of the ___________ distribution method.

Question 60

price

Accepted Answer

Free market economies offer distribution methods for goods and services based on _____ .

Question 61

in a different way

Accepted Answer

Free market economies distribute goods and services __________ than command economies.

Question 62

-limited freedom for consumers -inefficient use of productive resources -usually not much economic growth

Accepted Answer

Select all that apply.  Select all the items that describe command economies.  limited freedom for consumers inefficient use of productive resources usually not much economic growth encourages competition between businesses

Question 63

-profit -a skilled and happy workforce -seeing an idea come into being

Accepted Answer

Select all that apply.  A primary incentive for entrepreneurs is _____.  profit a skilled and happy workforce notoriety seeing an idea come into being paying taxes

Question 64

(1) distribute (7) objects that can satisfy people\'s needs or wants (3) person whose needs and wants are satisfied by using goods and services (5) social science that focuses on decision-making (2) what is gained when decision is made (6) someone who organizes productive resources to make goods and services (4) what is given up when a decision is made.

Accepted Answer

Match these items. Match the items in the left column to the items in the right column.  1. allocate  2. benefit 3. consumer 4. cost  5. economics 6. entrepreneur  7. good

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