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Economic Concepts
Economic Concepts
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StudBud Administration
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SOL CE 11a Economic Concepts
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
What ever I give up is my__________?
Supply and Demand
Choice
Opportunity Cost
Price
2
What type of resource is a school building?
Human
Natural
Capital
3
What you give up after the choice is made
Opportunity Cost
food
Choice
Production
4
If Finish line offered a ______________ I would buy more sneakers
Price
Incentive
Choice
Burger
5
What type of resource would a teacher be classified as?
Natural
Capital
Human
6
The land which the school is on is an example of this type of resource
Natural
Entrepreneurship
Capital
Human
7
Amount of money for the goods
Natural
Supply and Demand
Price
Scarcity
8
Goods and services that are essential (important) for life are referred to as
Needs
IDK
Markets
Wants
9
Cell phones are a _______ resource
Natural
Human
Capital
10
Things used to motivate you to purchase (buy) something
KD's
Resources
water
Incentives
11
The use of goods and services.. Ex: We eat food and drink water
Consumption
Incentives
Choice
Production
12
The combining of all resources to makes goods. Availability and preference determine _________?
Consumption
Choice
Production
Price
13
Because of scarcity, we must make?
Incentives
Food
Pizza
Choices
14
There are not enough resources so I have to make a ________?
Product
Choice
Resources
Scarcity
15
Production of goods and services (Capital, Human, Natural and Entrepreneurship)
Consumption
Price
Resources
Cost
16
Collard Greens are a ______ resource
Capital
Human
Natural
17
Amount of resources willing to buy for a price vs. the amount its being sold for is?
Supply and Demand
Production
Scarcity
Choice
18
Which of these is a market?
Amazon
Walmart
Mall
All of the above
19
Because of ________, I cant have everything I want...
Opportunity Cost
Production
Choice
Scarcity
20
The inability to satisfy all wants is?
Price
Production
Opportunity Cost
Scarcity
