Economics I: Question Preview (ID: 8612)

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Individuals make economic decisions about what to make,how much to produce, and what to charge
a) Market Economy
b) Common Goods
c) Profit
d) Debt

Trying harder than others
a) Profit
b) Salary
c) Competition
d) Services

when an area produces one product & must be interdependent with others
a) specialization
b) service
c) good
d) productivity

Something someone does
a) consumer
b) economics
c) service
d) good

Producing an object to satisfy a want
a) Good
b) Service
c) Career
d) Specialization

what a consumer is willing to pay
a) supply
b) demand
c) debt
d) profit

What a producers is willing and able to sell at various prices
a) consumer
b) demand
c) supply
d) producer

Exchange of goods or services rather than using money
a) profit
b) barter
c) surplus
d) debt

A need to trade to get needed supplies
a) spending
b) saving
c) surplus
d) Interdependence

A company owned by one person
a) private ownership
b) corporation
c) cost
d) profit

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