Economic Terms: Question Preview (ID: 17752)


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Factors of production that are used in the production of goods and services. Types are natural, human, capital, and entrepreneurship. Is known as?
a) Consumption b) Resources c) Choice d) Production
Things that incite or motivate. Are used to change economic behavior. Is known as?
a) Scarcity b) Supply c) Price d) Incentives
The amount of a good or service that consumers are willing and able to buy at a certain price. Is known as?
a) Supply b) Choice c) Demand d) Price
The amount of money exchanged for a good or service. Interaction of supply and demand determines this. This determines who acquires goods and services. Is known as?
a) Supply b) Price c) Demand d) Choice
The amount of a good or service that producers are willing and able to sell at a certain price. Is known as?
a) Demand b) Opportunity Cost c) Cost d) Supply
What is given up when a choice is made—i.e., the highest valued alternative is forgone. Individuals must consider the value of what is given up when making a choice. Is known as?
a) Opportunity Cost b) Scarcity c) Production d) Compition
The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. Is known as?
a) Demand b) Scarcity c) Production d) Consumption
The selection of an item or action from a set of possible alternatives. Individuals must choose or make decisions about desired goods and services because these goods and services are limited. Is known as?
a) Opportunity Cost b) Price c) Choice d) Dreaming
The using of goods and services. Consumer preferences and price determine what is purchased and consumed. Is known as?
a) Comsumption b) Selling c) Choice d) Demand
The inability to satisfy all wants at the same time. All resources and goods are limited. Is known as?
a) Incentives b) Production c) Consumption d) Scarcity
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