Economic Terms Question Preview (ID: 401)

Essential Terms And Definitions In The Virginia SOL System. TEACHERS: click here for quick copy question ID numbers.

This is given up when a choice is made.
a) Opportunity Cost
b) Incentive
c) Scarcity
d) Price

This is the selecting of an item or action from a set of possible alternatives.
a) Opportunity Cost
b) Choice
c) Price
d) Resources

This is the amount of money exchanged for a good or service.
a) Tip
b) Change
c) Bill
d) Price

This is the combining of resources to make goods and provide services.
a) Consumption
b) Incentive
c) Production
d) Supply

This is the amount of a good or serivice that consumers are willing and able to sell at a certain price.
a) Consumption
b) Supply
c) Demand
d) Production

Things that motivate or incite people to purchase the goods and services.
a) Motivation
b) Production
c) Scarcity
d) Incentive

Is the amount of a good or service that consumers are willing and able to buy at a certain price.
a) Demand
b) Supply
c) Consumption
d) Purchasing

Is the using of goods and services.
a) Production
b) Post production
c) consumption
d) medulaoblingata

Is the inability to satisfy all wants at the same time.
a) Limited
b) Choices
c) Scarcity
d) Opportunity Cost

Which of the following is NOT a resource that is used in the production of goods and services?
a) Natural
b) Human
c) Social
d) Capital

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