Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Economic Terms
Test Description: Basic terms 1.
Instructions: Answer all questions to get your test result.
1) Factors of production that are used in the production of goods and services. Types are natural, human, capital, and entrepreneurship. Is known as?
A
Resources
B
Production
C
Consumption
D
Choice
2) Things that incite or motivate. Are used to change economic behavior. Is known as?
A
Supply
B
Price
C
Incentives
D
Scarcity
3) The amount of a good or service that consumers are willing and able to buy at a certain price. Is known as?
A
Choice
B
Demand
C
Supply
D
Price
4) 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
Choice
B
Demand
C
Supply
D
Price
5) 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
Supply
C
Opportunity Cost
D
Cost
6) 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
Scarcity
B
Production
C
Opportunity Cost
D
Compition
7) 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
Consumption
D
Production
8) 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
Choice
C
Price
D
Dreaming
9) 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
10) The inability to satisfy all wants at the same time. All resources and goods are limited. Is known as?
A
Scarcity
B
Incentives
C
Consumption
D
Production
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?