Chapter 16: Introduction to Economics Test Review

A surplus typically indicates that

When "thinking like an economist," one should accept an option when

there is more demand than supply

Which of the following is not an advertisement?

where sellers of the same product come together

What do call it when you have to make a choice between two things that you want to buy?

there is more supply than there is demand

What is the way of producing goods and services called?

Which of the following is not a natural resource?

What is the situation of not having enough resources to satisfy all peoples wants called?

What is economics?

To be efficient, markets must

What is the money a business receives from selling its goods and services called?

Planners who work for the government make the economic decisions in which type of economy?

What is an expense that changes depending upon how much a business produces called?

What is work that is done for us called?

Which is not one of three basic economic questions?

Desires that people have that can be met by getting a product or a service.

What are things that we can hold and touch called

Which of the following is an example of a resource?

Once you make an economic decision you have to give up one choice, what is this called?

What is the economic model that compares the marginal costs and marginal benefits of a decision

Which type of economic system does the United Stats have?

What is an example of a fixed cost?

In which type of economic system does customs and habit answer economic questions?