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5 Written questions

5 Multiple choice questions

  1. things that are necessary for survival
  2. reward offered to try to persuade people to take certain economic action
  3. economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
  4. economy in which individuals control production and allocation decisions through supply and demand
  5. alternatives that must be given up when one is chosen over another

4 True/False questions

  1. Opportunity costwhatever must be given up to obtain some item

          

  2. Cost-benefit analysisan economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.

          

  3. Capitalisman economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.

          

  4. Wantsthings that you would like to have but are not necessary for survival

          

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