Economics I: Question Preview (ID: 8612)

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Individuals make economic decisions about what to make,how much to produce, and what to charge
a) Market Economy b) Common Goods c) Profit d) Debt
Trying harder than others
a) Profit b) Salary c) Competition d) Services
when an area produces one product & must be interdependent with others
a) specialization b) service c) good d) productivity
Something someone does
a) consumer b) economics c) service d) good
Producing an object to satisfy a want
a) Good b) Service c) Career d) Specialization
what a consumer is willing to pay
a) supply b) demand c) debt d) profit
What a producers is willing and able to sell at various prices
a) consumer b) demand c) supply d) producer
Exchange of goods or services rather than using money
a) profit b) barter c) surplus d) debt
A need to trade to get needed supplies
a) spending b) saving c) surplus d) Interdependence
A company owned by one person
a) private ownership b) corporation c) cost d) profit
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