Quiz Review for the Intro to Economics Quiz for Friday, Sept. 3rd

An Introduction to Economics quiz is scheduled for Friday, September 3rd. On this page you will find a study/review guide and, also, some practice questions to help you review for the quiz. See Mr.M to check your answers.

Review Guide - these topics will be on the quiz:
Opportunity Cost
Scarcity
Goods and Services
Choices and Costs/Consequences
Wants and Needs
Micro and Macro Economics
The Productive Resources (Factors of Production)
4 Basic Economic Questions
Trade, What is it? Why Trade? Cost - Benefit Analysis

Sample Questions:

Practice Quiz

Natural resources come from the Earth. They fall into two categories these are:

a.

b.

What is the 4th resource – people that create new ideas for things and start new businesses?





Please list the other three factors of production.

a.

b.

c.

What are the 4 basic economic questions?





This is the study of an overall economy. It gives the BIG picture with what is happening with an economy.


This is the study of decisions made by people and businesses in an economy? It gives the details of what happens in an economy – think of a MICROSCOPE -


What are goods?



What are services?


Quantum industries decide to produce ultra-light widget thingies. They will produce these new items at their factories on the moon using resources from both the earth and moon. Teenagers love to play with ultra-light widget thingies! What question does Quantum fail to answer?





Opportunity Cost Questions:

Fred is in the mood to purchase a new car. He can spend about $18,000. There are two cars that interest Fred. The Chevy Camaro, used, is a sporty looking machine. The Nissan Maxima appears to be a very practical car. Fred peels out of the parking lot in his new fire engine red Camaro. What is his opportunity cost?





Belinda Sue has a wide-open Saturday in front of her. The phone rings and a friend invites her to a barbeque. Ten minutes later, a buddy stops by and asks if she would like to go on a bike ride. Belinda Sue chooses to spend most of the day working in her yard and garden. What is her opportunity cost?





John Dillinger decides he will visit his ailing Grandfather in the retirement home today before leaving on an extended vacation early the next morning. He has not visited his Grandpa in seven months. On the way, he runs into a friend who promptly invites him to a free lunch. By the time lunch is done, visiting hours at the retirement home are over. What is John’s opportunity cost?





Which of these is a renewable resource?

• Oil, natural gas, gold, water

Please give another name for human resources?


What is the #1 Capital resource?


What are the two categories of human labor?



What is the 4th resource – people that create new ideas for things and start new businesses?



For every choice we make, we have given up something else. This is known as _____________________________ ________________.


The Productive Resources are also known as the ______________________ of ___________________________.


Mr. Jacobs looks into his pocket and finds only a few bucks. . He can't make up his mind between buying his lunch or a fossilized skull of a triceratops. Mr. Jacobs is having a hard time deciding between his ____________________and _____________________.
People make choices that are ______________________________________. (complete the sentence)