CE 11a - Market Terms

Question 1

The amount of a good or service that producers are willing and able to sell at a certain price.

Accepted Answer

Supply

Question 2

Price is determined by the interactions of what companies are willing to sell & people to buy.

Accepted Answer

Supply & Demand

Question 3

Using of goods and services.

Accepted Answer

Consumption

Question 4

Selection of an item or action from a set of possible alternatives.

Accepted Answer

Choice

Question 5

The amount of money exchanged for a good or service.

Accepted Answer

Price

Question 6

The amount of a good or service that consumers are willing and able to buy at a certain price.

Accepted Answer

Demand

Question 7

Things that incite or motivate. Incentives are used to change economic behavior.

Accepted Answer

Incentives

Question 8

The inability to satisfy all wants at the same time. All resources and goods are limited.

Accepted Answer

Scarcity

Question 9

What is given up when a choice is made.

Accepted Answer

Opportunity Cost

Question 10

Factors of production that are used in the production of goods and services.

Accepted Answer

Resources

Question 11

Combining of human, natural, capital and entrepreneurship resources to make goods or services.

Accepted Answer

Production

Questions 11