Economics 101 Vocab Question Preview (ID: 33622)
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can't satisfy all wants at the same time because resources are limited
a) equilibrium price
b) scarcity
c) opportunity cost
d) capital
the other option you didn't choose
a) scarcity
b) opportunity cost
c) consumption
d) equilibrium price
something from nature used in production
a) natural resources
b) human resources
c) captial
d) entrepreneur
part of a job that involves people
a) natural resrouces
b) human resources
c) capital
d) entrepreneur
wealth in the form of money or valuable things
a) natural resource
b) human resource
c) capital
d) entrepreneur
a person who starts or runs a business
a) capital
b) entrepreneur
c) service
d) consumption
a physical thing you can buy
a) good
b) service
c) capital
d) consumption
something you pay a person to do
a) good
b) service
c) opportunity cost
d) scarcity
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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