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