Economic Terms: Question Preview (ID: 401)

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This is given up when a choice is made.
a) Opportunity Cost b) Incentive c) Scarcity d) Price
This is the selecting of an item or action from a set of possible alternatives.
a) Opportunity Cost b) Choice c) Price d) Resources
This is the amount of money exchanged for a good or service.
a) Tip b) Change c) Bill d) Price
This is the combining of resources to make goods and provide services.
a) Consumption b) Incentive c) Production d) Supply
This is the amount of a good or serivice that consumers are willing and able to sell at a certain price.
a) Consumption b) Supply c) Demand d) Production
Things that motivate or incite people to purchase the goods and services.
a) Motivation b) Production c) Scarcity d) Incentive
Is the amount of a good or service that consumers are willing and able to buy at a certain price.
a) Demand b) Supply c) Consumption d) Purchasing
Is the using of goods and services.
a) Production b) Post production c) consumption d) medulaoblingata
Is the inability to satisfy all wants at the same time.
a) Limited b) Choices c) Scarcity d) Opportunity Cost
Which of the following is NOT a resource that is used in the production of goods and services?
a) Natural b) Human c) Social d) Capital
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