Economics Review: Question Preview (ID: 32642)


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An action a person or business does for someone else is called a
a) goods
b) service
c) price incentive
d) opportunity cost

The rate at which goods and services are produced is called
a) specialization
b) price incentive
c) productivity
d) trade

___________ is the value or cost of what is given up when a choice is made.
a) productivity
b) specialization
c) trade
d) opportunity cost

Objects or things people want or need are called ___
a) goods
b) trade
c) price incentivies
d) producers

______ means to focus on only one job or part of a job to work more efficiently.
a) productivity
b) specialization
c) opportunity cost
d) trade

Someone who buys and uses goods and services is called a . . .
a) service
b) producer
c) consumer
d) trade

The strand of Social STudies that deals with the way goods are produced, distributed, and used is called . .
a) price incentives
b) economics
c) consumer
d) producer

People or businesses that provide goods or services are called . . .
a) goods
b) service
c) producers
d) economics

The activity of buying, selling, or exchanging goods or servicies is called ...
a) trade
b) opportunity cost
c) productivity
d) goods

__________________ are used to motivate people's behavior and choices when buying something
a) trade
b) productivity
c) price incentives
d) opportunity cost

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