Economics Review 11a thru 11c Part 1

Match it! Select the correct answer from the pull down...Good luck!

These are things that incite or motivate. ________ are used to change economic behavior.

This is the amount of money exchanged for a good or service.

This is the amount of a good or service that consumers are willing and able to buy at a certain price.

This is what is given up when a choice is made—i.e., the highest valued alternative is forgone

This is selection of an item or action from a set of possible alternatives.

This is the amount of a good or service that producers are willing and able to sell at a certain price.

These are factors of production that are used in the production of goods and services. Types of ________ are natural, human, capital, and entrepreneurship.

Interaction of supply and demand determines __________?