Basics of Economics Flashcards

1

Desire for a good or service.

Opportunity Cost
Consumer
Supply
Demand

2

Physical stuff like food, shirts, and phones.

Services
Goods
Consumers
Producers

3

High supply + low demand = _______ price?

Medium price
Low price
High price
Scarcity

4

Short supply of a good or service.

Scarcity
Factors of production
Good
Profit

5

Money that a business has left over after their costs.

Labor
Opportunity cost
Scarcity
Profit

6

Wealth / Money. One of the factors of production.

Opportunity
Land
Capital
Labor

7

Businesses that make and sell stuff.

Consumers
Profit
Producers
Opportunity Cost

8

Resources needed to make goods & services.

The factors of production
Goods
Consumer
Opportunity Cost

9

What you give up when choosing between at least two options.

Profit
Scarcity
Opportunity cost
Supply

10

Ability to produce a good or service.

Demand
Supply
Scarcity
Profit

11

To control or supervise, especially the government.

Producers
Inspect
Regulate
Scarcity

12

Low supply + high demand = ______ price

Medium price
High price
Low price

13

Work for wages is called what:

Wealth
Capital
Labor
Land

14

Skilled actions that people pay for like hotels, restuarants, and banks.

Services
Producers
Consumers
Goods

15

The three factors of production are:

Factories, government, workers
Land, education, government
Law enforcement, education, government
Land, labor, capital.

Basics of Economics

Questions 15

Basics of Economics

Questions 15