Economics 101 Vocab Question Preview (ID: 33622)


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something you pay a person to do
a) good
b) service
c) opportunity cost
d) scarcity

a physical thing you can buy
a) good
b) service
c) capital
d) consumption

a person who starts or runs a business
a) capital
b) entrepreneur
c) service
d) consumption

wealth in the form of money or valuable things
a) natural resource
b) human resource
c) capital
d) entrepreneur

part of a job that involves people
a) natural resrouces
b) human resources
c) capital
d) entrepreneur

something from nature used in production
a) natural resources
b) human resources
c) captial
d) entrepreneur

the other option you didn't choose
a) scarcity
b) opportunity cost
c) consumption
d) equilibrium price

can't satisfy all wants at the same time because resources are limited
a) equilibrium price
b) scarcity
c) opportunity cost
d) capital

use of goods/services
a) production
b) consumption
c) scarcity
d) capital

the price where the supply and demand equal out
a) equilibrium price
b) natural resource
c) opportunity cost
d) scarcity

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