EC-006 Posttest
Water and air are examples of __________ resources, while people are considered to be __________ resources.
natural;human
Why are resources considered limited?
There are not enough available for everyone to have as much as them as desired.
Friendship would be considered a(n) __________ want.
noneconomic
A gap between unlimited wants and limited resources creates
scarcity.
John only had $40 to spend and couldn't decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?
New pair of jeans
Which one of the following groups of words best describes wants:
Unlimited, changing, and competing
Seeing a movie at a theatre would be considered a(n) __________ want.
economic
Into what two categories can wants be divided?
economic and noneconomic
Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is
economizing
In economics, capital goods include
buildings and equipment