Economics

When a government must decide between spending on capital or consumer goods

On the circular flow model, what market is where a business trades you a paycheck for your labor?

The four factors of production are

What is the factor of production that contains natural resources where raw materials are found?

On the business cycle, what is the lowest point called?

What is the factor of production that combines the other factors of production to start a business?

If price goes down, supply goes

Goods like fossil fuels will run out one day, this is an example of

Demand is

When you give up something to gain something else, what is the second best choice that you gave up called?

What is it called when you have to decide between choices and try to make the best choice?

On the business cycle, what is it called when the economy is crashing or going down? (AKA Recession)

Economics is the

What is it called when an individual starts a business and takes on all of the risk?

Machinery or Goods used to make other goods is called

What is it called when a business is divided into stocks and shareholders?

If price goes up, demand goes

These are costs that must stay the same no matter what

What is it called when an individual starts a business with someone else and shares the risk?

GDP (Gross domestic product) measures

What is is called when a few businesses control the market?

On the business cycle, what is called when the economy is picking back up or increasing?

A person who purchases goods and services from other people is called a

What is it called to give up something in order to gain something else?

On the business cycle, what is the highest point called?

What does scarcity mean?

These are costs that change depending on the supply

What is is called when 1 business controls the market on an item?

Sam went to the barber shop to get his hair cut by Dennis. Who is the producer (seller)?

If you go to the bookstore and buy a book, that book is a