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The amount of a good or service that producers are willing and able to sell at a certain price. Is known as?
Price
Production
Opportunity Cost
Resources
Supply
Scarcity
Demand
Incentives
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?
Price
Production
Opportunity Cost
Resources
Supply
Scarcity
Demand
Incentives
The inability to satisfy all wants at the same time. All resources and goods are limited. Is known as?
Price
Production
Opportunity Cost
Resources
Supply
Scarcity
Demand
Incentives
Things that incite or motivate. Are used to change economic behavior. Is known as?
Price
Production
Opportunity Cost
Resources
Supply
Scarcity
Demand
Incentives
Factors of production that are used in the production of goods and services. Types are natural, human, capital, and entrepreneurship. Is known as?
Price
Production
Opportunity Cost
Resources
Supply
Scarcity
Demand
Incentives
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?
Price
Production
Opportunity Cost
Resources
Supply
Scarcity
Demand
Incentives
The amount of a good or service that consumers are willing and able to buy at a certain price. Is known as?
Price
Production
Opportunity Cost
Resources
Supply
Scarcity
Demand
Incentives
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?
Price
Production
Opportunity Cost
Resources
Supply
Scarcity
Demand
Incentives
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