Economics Review 11a Thru 11c Part 1: Question Preview (ID: 14589)


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The inability to satisfy all wants at the same time is known as?
a) Resources b) Scarcity c) Choice d) Opportunity cost
These are factors of production that are used in the production of goods and services. Types of ________ are natural, human, capital, and entrepreneurship.
a) Resources b) Scarcity c) Choice d) Opportunity cost
This is selection of an item or action from a set of possible alternatives.
a) Scarcity b) Resources c) Choice d) Opportunity cost
This is what is given up when a choice is made—i.e., the highest valued alternative is forgone
a) Scarcity b) Resources c) Choice d) Opportunity cost
This is the amount of money exchanged for a good or service.
a) Supply b) Demand c) Incentives d) Price
These are things that incite or motivate. ________ are used to change economic behavior.
a) Demand b) Incentives c) Price d) Supply
This is the amount of a good or service that consumers are willing and able to buy at a certain price.
a) Price b) Incentives c) Supply d) Demand
This is the amount of a good or service that producers are willing and able to sell at a certain price.
a) Demand b) Supply c) Incentives d) Price
Interaction of supply and demand determines __________?
a) Incentives b) Price c) Supply d) Demand
The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services is known as__________.
a) Production b) Consumption c) Demand d) Supply
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