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5 Written Questions

5 Multiple Choice Questions

  1. reward offered to try to persuade people to take certain economic action
  2. economy in which individuals control production and allocation decisions through supply and demand
  3. an 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. things that are necessary for survival
  5. economic model that compares the marginal costs and marginal benefits of a decision

4 True/False Questions

  1. Economic Modelthe branch of social science that deals with the production and distribution and consumption of goods and services and their management

          

  2. Scarcitythings that you would like to have but are not necessary for survival

          

  3. Opportunity costthe increase or decrease in costs as a result of one more or one less unit of output

          

  4. Trade-offlimited quantities of resources to meet unlimited wants

          

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