Economics - October Sky Vocabulary Quiz: Question Preview (ID: 6314)

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The result of an inability to satisfy all of everyone's wants
a) Ability to Pay principle
b) Demand Curve
c) Scarcity
d) Opportunity Costs

Physical products businesses produce; tangible items of value
a) Goods
b) Services
c) Production
d) Entrepreneurship

This is the selecting of an item or action from a set of possible alternatives.
a) Opportunity Cost
b) Choice
c) Expenditure
d) PACED Decision Making Guide

In market economies, the reason for increasing, profit, interest, wages, and rent
a) Demand
b) Factors of Production
c) Voluntary Exchange
d) Incentive

All of the following are factors of production EXCEPT
a) Natural Resources
b) Capital Resources
c) Social Resources
d) Human Resources

Production of a limited variety of products by a business, region, or country
a) Productivity
b) Specialization
c) Embargo
d) Supply

A system in which the basic economic questions are generally answered by the government
a) Command
b) Market
c) Mixed
d) Traditional

Using markets as the primary means of organizing and coordinating production, is what type of system?
a) Market
b) Command
c) Mixed
d) Traditional

A governmental ban on trade with one or more other nations
a) Tariff
b) Quota
c) Embargo
d) Subsidy

A business organization that is owned by two or more people
a) corporation
b) partnership
c) sole proprietorship
d) Conglomerate

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