Topic 11- What is Economics

The people or businesses that provide goods and services

Items produced for sale- things you can touch or hold

Which action uses math to help a consumer or business evaluate available options and make reasonable choices?

In economics, what is human capital?

Amount supplied by producers is greater than the amount demanded by consumers

The amount of a good or service that producers are willing & able to sell at various prices during a given time period

Which is not an advantage of a market economy?

If the fixed costs of producing dresses is $1,000 and the variable costs are $500, the total cost is

What is the economic term for the struggle among sellers to attract buyers?

A measure of how efficiently resources are used to create products

Because people must choose among options when faced with an economic choice, they often face

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

In economics, the amount of a good or service that people are willing and able to buy at various prices is

The money a business receives from selling its goods or services

Things that can be used in making products or services that people want

Which of the following represents marginal cost?

The American Economy is a

How can specialization contribute directly to economic growth?

In a _____________________ economy, government planners make the economic decisions.

If 20 bottles of soda are sold for $2.00 each, what is the total revenue?

The reward producers receive for supplying more goods at a higher price is called

The study of how people choose to use their limited resources to satisfy their unlimited wants

The people who buy goods and services

In a market economy, if the price of a good increases, what typically happens to the demand for the good?

Things required for survival, such as food, clothing and shelter

Choosing to buy a Hulu subscription instead of something else is an example of

In a market economy, how would consumers most likely respond to a rise in the price of clothing?

How do consumers participate in both the factor and the product markets?

Why are traditional economies called "traditional"?

The demand for goods and services in a particular area would probably increase if

When is an equilibrium price reached?

What is the economic term for any place where a buyer and a seller exchange money for a good or service?

What is the term for the process of breaking down a task into separate, smaller tasks done by different workers?

Quantity demanded is greater than the quantity supplied

Which sector of the economy sells products to and buys products from the United States?

What is the economic term for work done by someone for a consumer?

What does the circular shape in a circular flow model show about economic activity?