Economic Basics: Question Preview (ID: 19358)

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When countries depend on other countries
a) interdependence
b) specialization
c) economics
d) scarcity

How are prices determined?
a) the amount a supplier is willing to supply
b) the amount a consumer is willing to spend
c) the intersection of supply/demand curves
d) the amount of natural resources available

to bring in or buy from other countries
a) export
b) import
c) scarcity
d) specialization

the value of your second best choice
a) specialization
b) scarcity
c) opportunity cost
d) interdependence

a country should concentrate on doing what it does best
a) comparative advantage
b) scarcity
c) productive resources
d) natural resources

when price increases, supply increases
a) Law of supply
b) Law of demand
c) Producers
d) Consumers

When price decreases, demand increases
a) Law of Supply
b) Law of Demand
c) Producers
d) Consumers

Having the advantage of producing certain goods is called what?
a) absolute advantage
b) comparative advantage
c) scarcity
d) opportunity cost

The maker of goods and services
a) producer
b) consumer
c) buyer
d) human resources

How an item will be produced is called what?
a) natural resources
b) capital goods
c) productive resources
d) human resources

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