Unit 7A Economics

The amount of a good or service available to consumers

Which of the following is NOT a Basic Question of Economic Systems?

A discount is a form of

People who buy and use products

Which of the following is an example of human need?

Iron is what type of resource?

An action or activity done for a fee

The study of how a society makes a living

"People are never satisfied! They always want something!" What economic concept is this?

A sewing Machine is what type of Resource?

What is given up when a choice is made

When a product goes on clearance, the economic factor most likely causing this is

Which factor of production is labor?

The inability to satisfy all wants at the same time

Which factor of production is most closely associated with money?

The amount of a good or service consumers are willing to buy

Any human effort used in the production process

Oranges are what type of resource?

Prices go up when

The interaction of Supply and Demand determines

A factory worker is what type of resource?

Selecting an item from a set of alternatives

A screw driver is what type of resource?

A lawyer is what type of resource?

Which of the following statements best describes the law of supply and demand?