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Economics vocabulary Flashcards | StudBud
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Economics vocabulary
Economics vocabulary
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Unit 6 Economics
Flashcards
16 cards
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Practice quiz
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Host live
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Questions
16
Answers
1
Selecting an item
production
scarcity
opportunity cost
choice
2
What is the combining of human, natural, and capital resources to make goods and services?
Building
Production
Goods
Services
3
Which one is NOT considered a type of resource?
Capital Resource
Natural Resource
Capitol Resource
Human Resource
4
If the demand is high, what will the price be?
Low
High
Average
5
What is the inability to satisfy all wants?
Demand
Incentive
Scarcity
Choice
6
When the supply is high, what will the price be?
High
Average
Low
7
Tire builder at Yokohama Tire Corporation
capital resource
entrepreneurship
human resource
natural resource
8
Wheat
capital resources
entrepreneurship
human resources
natural resources
9
What is the amount of money exchange for a good or service?
Price
Dollar
Cost
Production
10
Amount consumers are willing to purchase
supply
choice
price
demand
11
What is that which is given up when a choice is made?
A Loss
Supply
Scarcity
Opportunity Cost
12
What is a rivalry between producers/sellers of goods and services?
Game
Consumer Sovereignty
Competition
Match
13
Amount of a good producers have available to sell
competition
demand
choice
supply
14
Crane
natural resources
capital resource
human resource
entrepreneurship
15
What is something that motivates consumers to economic behavior or to change economic behavior?
Incentive
Quality
Desire
Price
16
Supply and Demand determine what?
Supply
Price
Demand
Incentive
