Marketing I
Economics Review/ Warm-Up
January 5, 2015
Formative Assessment (Non Graded)
Instructions: Based on the instruction prior to the Winter Break, complete the quiz below. Once
everyone has completed the quiz, students will divide in to small groups to compare responses and
prepare ONE quiz that represents the consensus of the group’s responses.
Short Answer Responses:
1.
What is meant by the term economy?
2.
What is economics?
3.
All nations/economies must determine how to meet _____________________ wants and
needs of its people with ___________________ resources.
4.
What are the THREE broad categories of Economic Resources (or sometimes called Factors
of Production)
a.
b.
c.
5.
What are the TRHEE QUESTIONS that all economies must answer?
a.
b.
c.
6.
a.
b.
c.
d.
Economic systems are identified or defined based on how the country answers those
three questions. What are the FOUR types of economic systems?
7.
Explain the concept of Scarcity
8.
Explain the concept of Surplus
9.
Explain the concept of Supply and Demand
10.
What is the role of government in business and the economy in a mixed economy that is
based on capitalism/ free market?