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Economics Chapter 1
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Which form of exchange is an item readily excepted by others in exchange for goods or services?
Which is an example of credit? (There may be more than 1)
Paige uses her Visa card to purchase Imagine Dragons tickets
Josh buys a truck and makes monthly payments
David trades his bike for a canoe
Molly saves her babysitting to by a new iPhone
Which is an example of microeconomics? (There may be more than 1)
BP oil pays out 5 billion dollars in oil spill claims
decreased production of car parts in Japan causes factory layoffs in Michigan
a homeowner refinances their mortgage for a better rate
a company reports growth in earnings
Which is not an important economic question used to allocate resources?
Whom am I producing the product for?
What should you produce?
What is the best way to market what I produce?
How will you produce the good or service?
What is Entrepreneurship?
an easy way to to be a millionaire
The risks and activities involved with starting a new business
a marketing plan used to raise money
a business owned by a parent company
Which is NOT an example of scarcity? (there may be more than 1)
a farmer raises so much corn he can not sell it all
A concert sells out and you are not able to attend
the value of gold increases
The price of oil drops after new reserves are discovered
Which is an example of macroeconomics? (There may be more than 1)
U.S. unemployment numbers are down
Walmart refuses to talk to union leaders and protests increase
Greece accepts bailout money from European Union
India expands electronics taxes o include airplane cary on
What is economics
the study of how people spend money
the study of how goods and services flow between people and countries
a graduation requirement and nothing else
the study of the choices people make to satisfy their wants and needs
What gives something value.
Utility and scarcity
Scarcity and marketing
Interdependence and cost
Scarcity and GDP
The Level of output produce by a level of input is called-
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