Economics Basics Review
1.Limited resources prevent producers from making unlimited products.
2.When sellers want to make more money
3. Strong property rights
4.Money will not move through the economy very well
5.People must fulfill their needs to survive, but they do not need to fulfill their wants to survive
6. Choosing options that has the greatest benefits to the people
7. A failing railroad receives assistance from around the country
8.What good should be produced
9.Being named on the school honor roll
10.A tax on imports
11. Producers want a high quantity of sales
12.They describe prices in relation to each other
Made 100%
1. True - Limited resources, such as raw materials or labor, prevent producers from making an unlimited number of products. They must allocate their resources efficiently to meet demand.
2. True - Sellers want to make more money by increasing their sales or raising their prices.
3. True - Strong property rights ensure that individuals or businesses have the legal right to own, use, and sell their property. This encourages investment and economic growth.
4. False - Money typically moves through the economy through transactions and exchanges. However, factors such as economic policies or market conditions can affect the circulation of money.
5. True - People need to fulfill their basic needs like food, shelter, and clothing to survive, but fulfilling their wants (such as luxury items or entertainment) is not essential for survival.
6. True - When making decisions, individuals or societies often choose options that provide the greatest benefits or rewards for themselves or the majority.
7. True - In times of financial crisis or failure, a failing railroad can receive assistance or bailouts from different sources, including the government or private investors, to prevent further economic and social consequences.
8. True - Determining what goods should be produced involves considering factors such as demand, available resources, cost, and societal preferences.
9. False - Being named on the school honor roll is not directly related to economics, but rather recognition for academic achievement.
10. True - A tax on imports, also known as a tariff, is a government policy aimed at protecting domestic industries by increasing the cost of imported goods.
11. True - Producers typically want to maximize their profits, which often involves increasing the quantity of their sales.
12. True - Prices are often described in relation to each other to understand their relative value or to compare different goods or services. For example, if the price of one good increases, it may affect the demand or price of related goods.