EC-006 Pretest
Which of the following factors has an influence on the monetary value of resources:
Productivity
Which of the following is an economic activity:
Purchasing a candy bar
Justin is trying to decide whether he wants to spend a $50 birthday check on a new DVD player or tickets to a concert. If he chooses the DVD player, what is the opportunity cost of this decision?
concert tickets
The desire for an item that has monetary value is a(n) _________ want.
economic
The study of how to meet unlimited wants with limited resources is
economics
Making the best use of limited economic resources is called
economizing
Economics involves decision making because most individuals must determine
how to get the most with the least
When a choice is made about the best use of resources, the alternative that is given up is called the __________ of that choice.
opportunity cost
Limited resources are those that are
scarce
The gap between unlimited desires for products and limited resources is known as
scarcity