This ECON 601: Microeconomics Theory and Analysis quiz assesses understanding of basic economic concepts like needs, wants, goods, and services. It's designed for learners to differentiate these terms through practical scenarios, enhancing their grasp of microeconomic principles.
Needs
Wants
Economics
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Need
Want
Scarcity
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Good
Service
Economy
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Good
Service
Command
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Good
Service
Money
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Land resources
Labor resources
Capital resources
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Land resource
Labor resource
Capital resource
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Land resources
Labor resources
Capital resources
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Market economy
Command economy
Economy
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Market economy
Command economy
Economy
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Needs
Money
Fun
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When there isn't enough resources for everyone to have all that they want
When the government decides to stop selling wants
When people stop buying goods and services
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A want is more important than a need
A need is something you cannot live without and a want is something you can live without
People only buy needs
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Something you can physically hold and you own it after you buy it
Something you pay someone else to do for you or pay to use for a short period of time
Something that tastes great
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Something you can physically hold and you own it after you buy it
Something you pay someone else to do for you or pay to use for a short period of time
Something that is great
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How much money you have to pay for something
How much it cost to do something
The real cost of purchasing something - it includes the cost of time and any missed opportunities
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Missing his six flags trip
The money used to buy the kinect
The kinect
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The study of how we satisfy our wants and needs with the limited resources available
How we get our stuff
The study of maintaining life with the money given to us by the government
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