Economic Terms

Test Description: Essential terms and definitions in the Virginia SOL system.

Instructions: Answer all questions to get your test result.

1) This is given up when a choice is made.

2) This is the selecting of an item or action from a set of possible alternatives.

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

4) This is the combining of resources to make goods and provide services.

5) This is the amount of a good or serivice that consumers are willing and able to sell at a certain price.

6) Things that motivate or incite people to purchase the goods and services.

7) Is the amount of a good or service that consumers are willing and able to buy at a certain price.

8) Is the using of goods and services.

9) Is the inability to satisfy all wants at the same time.

10) Which of the following is NOT a resource that is used in the production of goods and services?


*select an answer for all questions

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