SOL CE11a

what are the factors of production that are used to create goods and services called?

scarcity refers to--

Which of the following is an effect of scarcity?

If supply is low and demand is high, the price of an item will be--

What is the amount of goods and services consumers are willing to buy at a certain price?

Mark didn't buy a shirt until it went on sale.  What was his incentive to buy the shirt?

What you give up when you choose one thing over another is called--

All of the following are considered types of resources EXCEPT--

What does the interaction between supply and demand decide?

When supply is high and demand is low, the price of an item will be--

What is consumption?

Which statement best describes the relationship between supply and demand?

Carlos can see a movie or buy a game.  He sees a movie.  What is the opportunity cost?

Ally works after school Mon. and Tues.  What is the opportunity cost of adding Wed. and Thurs.?

Trees are an example of what type of resource?

What is supply?

Jay could get a job or go to college.  What is the opportunity cost if he goes to college?

A bulldozer is an example of what type of resource?

What is the amount of goods or services available to the customers?

Seth can go to the beach, or mow lawns for $.  He goes to the beach.  What's the opp. cost?

A discount is a form of-

Which economic factor has likely determined the price in this picture?