Exploring US Economics Question Preview (ID: 37972)
Final Economy Test.
TEACHERS: click here for quick copy question ID numbers.
only having a certain amount of resources
a) scarcity
b) limited resources
c) unlimited wants
d)
materials from nature, such as trees or water, that people use
a) scarcity
b) capital resources
c) natural resources
d)
not having enough of something
a) unlimited wants
b) human resources
c) scarcity
d)
people and the skills and knoledge they bring to their work
a) human resources
b) natural resources
c) scarcity
d)
there is no end to how many things people want and need
a) economics
b) limited resources
c) unlimited wants
d)
things that are used to produce goods and services
a) supply
b) demand
c) capital resources
d)
the money a business has left over after all expenses have been paid
a) competition
b) profit
c) supply
d)
when businesses sell the same good or service
a) competition
b) supply
c) demand
d)
the amount of a product or service that is available for sonsumers to buy
a) profit
b) supply
c) opportunity cost
d)
the desire of consumers to buy a good or service
a) profit
b) competition
c) demand
d)
the study of the production, distribution, and consumption of goods and services
a) supply
b) economics
c) profit
d)
the thing you give up when you choose something else
a) profit
b) your teddy bear
c) opportunity cost
d)
someone who makes goods or provides services
a) producer
b) consumer
c) market economy
d)
the desires and needs of consumers control what is produced
a) market economy
b) economic system
c) consumer sovereignty
d)
trading of objects or ideas
a) income
b) price
c) exchange
d)
the amount paid for a good or service
a) opportunity cost
b) productivity
c) price
d)
the money people earn by working
a) profit
b) check
c) income
d)
the pattern in which goods, services, and resources flow in the marketplace
a) circular flow
b) price
c) substitute good
d)
a good used in place of another
a) price
b) exchange
c) substitute goods
d)
a product sent to another country to be sold
a) import
b) export
c) incentive
d)
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