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