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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.
A
Price
B
Opportunity Cost
C
Incentive
D
Scarcity
2) This is the selecting of an item or action from a set of possible alternatives.
A
Resources
B
Choice
C
Price
D
Opportunity Cost
3) This is the amount of money exchanged for a good or service.
A
Price
B
Tip
C
Bill
D
Change
4) This is the combining of resources to make goods and provide services.
A
Supply
B
Incentive
C
Consumption
D
Production
5) This is the amount of a good or serivice that consumers are willing and able to sell at a certain price.
A
Production
B
Supply
C
Consumption
D
Demand
6) Things that motivate or incite people to purchase the goods and services.
A
Scarcity
B
Motivation
C
Production
D
Incentive
7) Is the amount of a good or service that consumers are willing and able to buy at a certain price.
A
Purchasing
B
Demand
C
Supply
D
Consumption
8) Is the using of goods and services.
A
medulaoblingata
B
consumption
C
Post production
D
Production
9) Is the inability to satisfy all wants at the same time.
A
Scarcity
B
Limited
C
Choices
D
Opportunity Cost
10) Which of the following is NOT a resource that is used in the production of goods and services?
A
Social
B
Natural
C
Human
D
Capital
*select an answer for all questions
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